Unclaimed 'Hidden Insurance Money' 12.4 Trillion Won... Increased by 3.2 Trillion Won Over 4 Years

Assemblyman Yoon Kwan-seok "Effective Measures Must Be Established"

Assemblyman Yoon Kwan-seok. / Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Kwangho Lee] The amount of 'unclaimed insurance money' that owners have not collected has increased by more than 3.2 trillion won over the past four years.

According to the 'Hidden Insurance Money Recovery Performance' received by Rep. Gwansuk Yoon of the Democratic Party from the Life Insurance Association on the 6th, as of the end of August this year, the total amount of hidden insurance money stands at 12.3971 trillion won.

This is an increase of 3.2302 trillion won (35.2%) compared to 9.1669 trillion won in December 2017.

Hidden insurance money refers to insurance payments that have been confirmed due to the occurrence of an insured event under an insurance contract but have not been claimed or paid.

From December 2017 to the end of August this year, the amount of hidden insurance money recovered reached 5.818 million cases, totaling 11.3209 trillion won.

Rep. Yoon urged, "Financial authorities and the insurance industry should devise effective measures to enable the public to more easily recover hidden insurance money."

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