The Non-Life Insurance Association of Korea and the Korea Institute of Criminology and Justice Policy are forming a cooperative framework to strengthen efforts to curb insurance fraud, which has been described as a crime that undermines public livelihoods.
Under the partnership, the two organisations have signed a memorandum of understanding at the Korea Institute of Criminology and Justice Policy.
The agreement aims to enhance joint research on insurance fraud, improve response mechanisms and support the development of more effective counter-fraud systems.
Under the agreement, the two organisations will collaborate on joint research initiatives and co-host academic events, facilitate access to data and resources for research purposes, and strengthen institutional cooperation.
According to the General Insurance Association of Korea, detected insurance fraud is expected to reach KRW1.15tn ($795m) in 2024, affecting 108,997 victims.
Social losses are mounting, driven in part by the growth of specialised and organised large-scale fraud involving hospitals, clinics, insurance agents and brokers. In addition, fraudulent medical billing linked to indemnity health insurance is placing increasing pressure on the national health insurance budget.
Beginning with this agreement, the two organisations plan to conduct joint research to investigate the current state of insurance crimes and improve the system and to establish practical response measures by holding regular policy discussions and public hearings.