Construction Guarantee Union Achieves Record High Premium Income of 53 Billion Won

Performance Trends of Guarantee and Mutual Aid Projects by the Construction Mutual Aid Association

The Construction Mutual Aid Association announced on the 3rd that its premium income for 2021 reached approximately 53 billion KRW, achieving the highest performance in its history.

The association, which took its first step in the mutual aid business with sales mutual aid in 2006, switched to holding mutual aid in 2012. This was a choice made to lower the construction insurance premiums for initial members and reduce financial burdens. Since then, it has lowered mutual aid rates and continuously developed mutual aid products needed at construction sites.

Since then, the association has been evaluated as having established itself in the construction-related mutual aid market. Despite being a relatively latecomer in the construction insurance market, it continues to achieve strong results based on stable financial structure and competitively priced premiums.

In 2021, the association's guarantee business recorded an all-time high guarantee balance of 140 trillion KRW, thanks to the launch of new products despite a reduction in guarantee fees.

An association official stated, "As the association establishes a competitive system in an area previously monopolized by non-life insurance companies, more intense competition is expected in the future," adding, "We will continue efforts to reduce costs and improve benefits for members based on trust with members and a broad understanding of the construction industry."

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