With growth in traditional products like auto insurance slowing, the non-life insurance sector is increasingly competing to secure exclusive rights for specialised products that address emerging social needs, such as dementia and pet insurance.
The General Insurance Association of Korea reported that by the end of the third quarter this year, domestic non-life insurers had filed 31 applications for exclusive rights- a 138% increase from the same period last year, reported Yonhap news Korea.
One example includes a unique contract providing financial protection for guardians if a dementia patient goes missing, granting six months of exclusivity.
Another newly launched product covers alternative transportation costs, such as taxis or buses, when subway delays exceed 30 minutes in the Seoul metropolitan area.