Health insurance spending covering smoking and drinking-related treatments reached KRW13tn ($11bn) in the years 2016-2018.
The Korean government will revise regulations and set up traffic infrastructure for fully autonomous vehicles, as well as lay out insurance rules and drivers' responsibilities, by 2024.
About 500,000 foreigners and overseas Koreans subscribed to the National Health Insurance Service by the end of September after health insurance coverage became mandatory for foreigners residing in the country with effect from 16 July.
The Financial Services Commission (FSC) in South Korea has decided on a 12-month delay in implementing the International Financial Reporting Standards 17 (IFRS 17) for insurers, according to a report from the Yonhap News Agency. This comes after the global insurance industry called for more time to adopt to the global accounting standards which are originally set to be effective in January 2021.
South Korean insurance companies are expected to report nearly flat growth in their premium income for next year, as the insurance industry is grappling with a slowing economy and an ageing population, reported the Yonhap News Agency.
The number of young people in their 20s who have been treated for the five major cancers has increased by 45% over the past five years, stressing the need for government intervention to manage the health of young people.
As Asia's fourth-largest economy copes with an ageing population, there has been a significant increase in elderly South Koreans suffering from mental health issues in recent years according to Yonhap News Agency citing a report from the Health Insurance Review and Assessment Service(HIRA).
Medical expenses to treat smartphone-related diseases such as dry eye syndrome and carpal tunnel syndrome exceeded KRW400bn ($333.6m) in 2018, with 70% of these costs covered by insurance.
South Korea's state-run policy lender Korea Development Bank announced yesterday that it plans to sell its majority stake in its life insurance unit by 2020 through an open tender. This is the bank's fourth attempt to dispose of the stake.
South Korea was the only country among the world's 10 biggest insurance markets that suffered negative growth last year.