The Highest Increase in Insurance Company Complaints: Samsung Life and Hanwha General Insurance

[Asia Economy Reporter Buaeri] As of the first half of this year, the insurance companies with the highest increase rate in complaints were Samsung Life Insurance among life insurers and Hanwha General Insurance among non-life insurers.

According to the 'Insurance Company Complaint Receipt Status' data received by Kim Sung-joo, a member of the National Assembly's Political Affairs Committee from the Democratic Party of Korea, from the Financial Supervisory Service on the 13th, the total number of complaints for life insurers was 8,155 and for non-life insurers was 15,957 as of the first half of this year. Companies with complaints accounting for less than 2% of the total by sector were excluded from the figures.

Among life insurers, Samsung Life Insurance saw the largest increase in complaints. Samsung Life Insurance had 1,166 complaints in the first half of this year, an increase of about 26% compared to 929 complaints in the second half of last year. Heungkuk Life Insurance followed, with 297 complaints, about 10% more than 271 complaints in the second half of last year. Next, Hanwha Life Insurance and MetLife Life Insurance each showed a 7% increase, and DGB Life Insurance also saw a 5% increase in complaints compared to the second half of the previous year. The rest of the life insurers saw a decrease in complaints.

Compared to the first half of last year, LINA Life Insurance had the highest complaint increase rate. LINA Life Insurance had 338 complaints in the first half of this year, about 29% more than 263 complaints in the first half of last year. Next, DGB Life Insurance had a significant increase, with 321 complaints in the first half of this year, a 13% increase compared to 285 complaints in the same period last year. Samsung Life Insurance also increased by 3% compared to 1,136 complaints in the same period last year.

Among non-life insurers, Hanwha General Insurance ranked first in complaint increase rate. Hanwha General Insurance had 1,154 complaints in the first half of this year, a 35% increase compared to 855 complaints in the second half of last year. Heungkuk Fire & Marine Insurance followed with 1,094 complaints in the first half of this year, a 33% increase compared to 823 complaints in the second half of last year. MG Non-Life Insurance increased by 31%, Meritz Fire & Marine Insurance by 23%, KB Insurance by 20%, and Hyundai Marine & Fire Insurance also saw a 3% increase compared to the second half of last year. Among non-life insurers, only Samsung Fire & Marine Insurance and DB Insurance saw decreases of 3% and 11%, respectively. Compared to the first half of last year, complaints generally increased except for Samsung Fire & Marine Insurance.

However, the insurance industry views that the number of complaints can vary between the first and second halves of the year. A representative from an insurance company said, "Many organizations have target numbers for complaints. If the number accumulates in the first half, there is a heavy burden in the second half, so there is a strong tendency to actively resolve complaints in the second half to meet the annual target. Conversely, if management was good in the first half, there can be more leeway in the second half."

Meanwhile, according to the Financial Supervisory Service, the acceptance rate of insurance dispute complaints was 27.7% for life insurers and 38.8% for non-life insurers as of the first half of this year. Compared to the second half of last year, the acceptance rate for life insurers fell by 6 percentage points, while that for non-life insurers rose by 3.3 percentage points.

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