60% of Financial Complaints to FSC Are Insurance-Related: "Pay Cataract Insurance Benefits"

Largest Share of Complaints in Non-Life Insurance
Increase in Real Expense Insurance Claims Complaints for Cataracts and More

Among the financial complaints received by the Financial Supervisory Service (FSS) last year, insurance-related complaints accounted for about 60%. In particular, complaints related to claims for indemnity health insurance benefits significantly increased compared to previous years.

The FSS announced on the 19th that the total number of financial complaints last year was 87,113, a 3.1% increase from the previous year. By sector, insurance accounted for the largest share at 59.6%, with non-life insurance alone reaching 40.4%. This was followed by non-bank (18.0%), banking (12.5%), and financial investment (9.9%).

Except for life insurance and financial investment, complaints increased in all other sectors. Non-life insurance complaints rose by 9.5% year-on-year, with 35,157 cases filed. This was the largest increase among all sectors. In particular, complaints related to insurance benefit calculation and payment (an increase of 4,437 cases) and exemption and liability decisions (an increase of 1,710 cases) saw significant growth. The FSS explained, "The number of complaints in the non-life insurance sector increased significantly due to complaints about indemnity insurance benefits for cataract surgery, etc. When claiming indemnity insurance benefits, it is necessary to prepare objective medical evidence that can verify the appropriateness of the treatment."

Meanwhile, non-bank complaints increased by 8.7% from the previous year to 15,704 cases. Credit card companies accounted for the largest share at 42.8%. Complaints related to unfair credit card charges and installment payment defense rights increased by 107.0% and 261.1%, respectively, compared to the previous year.

Among the complaints about unfair credit card charges, 114 cases were related to overseas transactions. This is attributed to the increase in overseas credit card usage following the easing of entry restrictions by country. The FSS urged, "In case of card theft or loss during overseas travel, report immediately to prevent damage, and when making installment transactions, check whether the company allows the application of installment payment defense rights."

Banking complaints totaled 10,904 cases, a 3.1% increase from the previous year. Complaints related to voice phishing (an increase of 435 cases) and credit handling and system issues (an increase of 357 cases) rose. On the other hand, life insurance complaints decreased by 8.8% to 16,733 cases, and financial investment complaints decreased by 4.4% to 8,615 cases.

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