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The Big Four insurance companies in South Korea (Samsung, DB, Hyundai, KB) are showing signs of slightly increasing car insurance premiums for online channels (CM) next year.  The Big Four insurance companies in South Korea (Samsung, DB, Hyundai, KB) are showing signs of slightly increasing car insurance premiums for online channels (CM) next year. As the government intervenes in pricing to activate the underperforming insurance comparison services among the three major financial platforms (debt refinancing, savings, and insurance), these companies are developing additional countermeasures. The financial authorities have stated that they will take strict action if insurance companies increase the burden on consumers with high insurance premiums, even though they anticipate additional reductions in commission fees. According to financial authorities and the insurance and fintech industries on October 1, discussions between insurance companies and platforms regarding the ‘Car Insuran...

An unprecedented phenomenon has occurred where insurance companies' mortgage rates have become lower than those of the top five commercial banks, leading to a surge in mortgage applications to insurance firms. An unprecedented phenomenon has occurred where insurance companies' mortgage rates have become lower than those of the top five commercial banks, leading to a surge in mortgage applications to insurance firms. This situation arises as a "balloon effect," where the demand for loans shifts to the second financial sector due to the financial authorities tightening regulations on banks. With authorities also demanding the second financial sector manage household debt, insurance companies have hurriedly raised their loan interest rates. This situation is leading to significant side effects of government-controlled interest rates. Mortgage Applications Flooding into Insurance Companies According to the insurance industry on the 28th, the number of mortgage application...

The Insurance Reform Council, led by the Financial Services Commission and the Financial Supervisory Service The Insurance Reform Council, led by the Financial Services Commission and the Financial Supervisory Service, has prioritized restoring consumer trust and is pursuing various measures to reduce incomplete sales. The council aims to enhance consumer protection through industry-wide voluntary agreements. However, there are mixed opinions from both GA (General Agency) and insurance sectors, with expectations and concerns about practical follow-up measures. The Insurance Reform Council, which is set to continue until the end of 2024, has identified 'restoring consumer trust in insurance' as its top priority. To address issues related to scout recruitment of insurance agents and frequent job changes leading to replacement contracts, the Financial Services Commission has proposed several regulatory measures. A notable example is the establishment of 'Guidelines for Settlem...

Recent hikes in mortgage rates by banks have led to the disappearance of the once-available 2% rates Recent hikes in mortgage rates by banks have led to the disappearance of the once-available 2% rates. As major banks continue to raise their lending rates to curb household debt, the rates for mortgage loans have surged, creating a contrast with the previous low-rate environment. This blog post explores the reasons behind these rate hikes and the impact they have on consumers. Recently, banks have been raising their mortgage rates significantly, with the once-available 2% rates vanishing overnight. As of July 7, the fixed mortgage rates (including periodic and mixed types) from major banks such as KB Kookmin, Shinhan, Woori, Hana, and NH Nonghyup range from 3.108% to 5.63%. This is a marked increase from the previous day, where rates ranged from 2.94% to 5.71%, showing that the lower end of the rate spectrum has disappeared. Specifically, Shinhan Bank’s 5-year fixed-rate mortgage had th...

Recently, in the cardshurance (insurance product sales by credit card companies) market, there has been a proliferation of sub-agency sales methods. This structure, based on outsourcing agreements between credit card companies and corporate insurance agencies (GA), has raised concerns due to issues such as the ambiguity of responsibility for incomplete sales. In this blog post, we will explore the operational methods of cardshurance sub-agencies and the resulting problems. Structure and Spread of Cardshurance Sub-agencies According to recent reports in the insurance industry, some credit card companies are moving to activate cardshurance sales in the form of sub-agencies. Unlike typical cardshurance, where an insurance contract is signed by a planner affiliated with the credit card company, the sub-agency model involves the credit card company outsourcing the entire process to a separate insurance agency, while only receiving brokerage fees. This trend gained momentum following the Fin...