GS Retail Expands 'Mini Insurance' Market... Launches Japanese Leisure Insurance from 3,000 Won

Leveraging the Popularity of Golf Insurance Launched in August Last Year, Four Types of 'Leisure Insurance' Released
Protection Against Unexpected Accidents During Camping, Fishing, Hiking, and More
Available for Subscription Through the Integrated Membership App 'THE POP' (The Pop)

[Asia Economy Reporter Yuri Kim] GS Retail announced on the 18th that it has launched four types of 'leisure insurance' priced in the 3,000 KRW per day range, capitalizing on the expansion of the mini-insurance market.

GS Retail stated that following the strong response from golfers to the 'Hole-in-One Golf Insurance' launched last year in collaboration with the insurance platform company 'Open Plan'?thanks to its reasonable price and simple subscription method?it has added these four new leisure insurance products.

The number of subscriptions to the Hole-in-One Golf Insurance doubled in September compared to its launch month of August, increased sevenfold in October, and grew fivefold in November. Accordingly, in line with the increase in outdoor activities in March, GS Retail introduced mini leisure insurance that protects against unexpected accidents while enjoying various leisure sports such as camping, hiking, and fishing.

In February, the Financial Services Commission announced a legislative notice for the revision of the Enforcement Decree of the Insurance Business Act, which includes standards for establishing small-amount short-term specialized insurance companies. The mini-insurance market, closely linked to daily life with products like electric scooter insurance and pet insurance, continues to grow steadily.

GS Retail’s mini leisure insurance is available at affordable prices: 3,230 KRW for hiking, 2,900 KRW for camping, 2,800 KRW for fishing, and 1,150 KRW for cycling. It offers coverage for one person, one day, one-time only, providing up to 100 million KRW in insurance benefits for accidental death and permanent disability during leisure activities. Depending on the product type, it also covers fracture diagnosis fees, injury surgery, and fracture surgery costs. Subscriptions can be easily made by searching for the insurance on GS Retail’s integrated membership application 'THE POP' and entering simple personal information such as name and resident registration number.

Going forward, GS Retail plans to introduce practical mini-insurance products such as travel insurance and one-day driver insurance. Kim Kwang-myung, product planner (MD) of GS Retail’s Service Planning Team, said, "GS Retail will continue to introduce various differentiated service products that can enhance customers’ quality of life as a lifestyle-oriented retail platform."

This content was produced with the assistance of AI translation services.