Jeong Eun-bo "Pursuing 20% Increase in Actual Loss Insurance Premiums... Will Monitor Closely"
(From left) Ki-hwan Kim, CEO of KB Insurance; Myung-jae Lee, CEO of Lotte Insurance; Kwang-yeol Yoo, CEO of Seoul Guarantee Insurance; Yong-il Cho, CEO of Hyundai Marine & Fire Insurance; Ji-won Jung, Chairman of the General Insurance Association; Eun-bo Jung, Governor of the Financial Supervisory Service; Yong-beom Kim, CEO of Meritz Fire & Marine Insurance; Jung-won Kwon, CEO of Heungkuk Fire & Marine Insurance; Won-hak Hong, President of Samsung Fire & Marine Insurance; Chang-soo Choi, CEO of NongHyup Property & Casualty Insurance.
View original image[Asia Economy Reporter Kim Jin-ho] Jeong Eun-bo, Governor of the Financial Supervisory Service, responded on the 16th regarding the insurance industry's plan to raise actual loss insurance premiums by about 20%, saying, "We will closely monitor the situation."
After the 'Non-life Insurance Industry CEO Meeting' held at the Millennium Hilton Seoul on the same day, Governor Jeong told reporters, "Since 39 million people are enrolled in actual loss insurance, we have considerable interest in ensuring that the rate determination is made rationally."
However, Governor Jeong added, "Basically, insurance rates are determined by the market, and it is difficult for the government to intervene directly."
When asked whether it is appropriate to lower automobile insurance premiums, he replied, "It is not reasonable to comment on that," and added, "It is difficult for the supervisory authority to indicate a direction regarding the rationality of rate levels."
Regarding concerns about excessive medical treatment contributing to the rise in actual loss insurance loss ratios, he said, "Since this is also placing a burden on public health insurance, we will closely consult with related ministries to explore ways to normalize the situation."
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Meanwhile, in response to criticism that consumers were excluded during the preparation of the consumer protection plan by Korea Citibank, Governor Jeong rebutted, "Would we (the Financial Supervisory Service) conduct such a review?"
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