Insurance Companies' Interest Rate Reduction Applications in H1 Reach 13,000... Acceptance Rate at 38%

Source: Life and Casualty Insurance Association

[Asia Economy Reporter Changhwan Lee] The acceptance rate for interest rate reduction requests submitted to domestic insurance companies in the first half of this year was found to be 38%.

The Life Insurance Association and the General Insurance Association announced on the 30th, for the first time, a comparative disclosure of the performance of interest rate reduction requests by insurance company on their respective websites.

In the first half of this year, the number of interest rate reduction requests in the insurance sector was about 13,000, of which about 5,000 were accepted, resulting in an interest reduction of approximately 630 million KRW. The overall acceptance rate was 38.4%.

By major companies, Samsung Life Insurance received 2,883 interest rate reduction requests and accepted 1,337, reducing interest by about 134 million KRW. The acceptance rate was 46.38%, above average.

Hanwha Life Insurance accepted 937 out of 2,581 requests, reducing interest by 26 million KRW. The acceptance rate was 36.3%. Kyobo Life Insurance accepted 793 out of 2,423 requests, reducing interest by 82 million KRW, showing an acceptance rate of 32.7%.

Among general insurance companies, Hyundai Marine & Fire Insurance accepted 325 out of 710 requests, with an acceptance rate of 45.8%. Samsung Fire & Marine Insurance accepted 79 out of 110 requests, reaching an acceptance rate of 71.8%.

An official from the Insurance Association said, "From this year, the performance of interest rate reduction requests by financial companies is being comparatively disclosed based on the same statistical standards, which is expected to help financial companies accept interest rate reduction requests and assist consumers in choosing financial institutions."

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