Nonlife insurance companies in South Korea have noted a strong surge in insurance queries amidst a series of public stabbings in urban areas.
Insiders said that general insurers were seeing a 20% to 30% rise in customer queries regarding insurance products that cover for incidents of “random assault,” according to Korea Bizwire. The instances of random stabbing attacks were recorded near the Sillim and Seohyeon subway stations.
Personal accident insurance, indemnity insurance, and citizen safety insurance are all relevant for these kinds of threats, the insiders said. Personal accident and indemnity offer compensation that includes death benefits, benefits for post-traumatic stress disorder, hospitalization, and nursing. Claims for indemnity insurance, however, are waived if the perpetrator happens to be a beneficiary or a policyholder.
Citizen safety insurance, meanwhile, is a group insurance product that municipalities can enrol in. Its purpose is to support the stable livelihood and rehabilitation of citizens who fell victim to damage from disasters or accidents.
Elsewhere in the country, both Korean life and nonlife insurers are reportedly seeking to expand into overseas markets to bolster their growth as the domestic sector stalls due to saturation.
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