Byungrae Lee, Chairman of the Korea Non-Life Insurance Association, "Actively Exploring New Markets... Also Developing Win-Win Financial Products"

Chairman Lee Byung-rae of the Korea Non-Life Insurance Association New Year's Address 2024

Lee Byung-rae, Chairman of the General Insurance Association.

Byungrae Lee, Chairman of the General Insurance Association, expressed his determination to actively pioneer new markets in his 2024 New Year's address.

In his address on the 29th, Chairman Lee stated, "We face the challenging task of achieving stable and sustainable growth amid rapidly changing circumstances," adding, "It is time to solidify the foundation of our existing business areas and actively pursue new market development."

Chairman Lee presented four key focus areas for next year’s efforts: ▲improvement of compensation systems and product structures ▲strengthening future competitiveness ▲enhancing consumer trust ▲fulfilling social responsibilities.

He emphasized, "Since indemnity health insurance and automobile insurance, known as national insurance, play a role in safeguarding the daily lives of the people, establishing a stable operational foundation is crucial," and added, "We must consult with relevant government departments on rational management plans to control problematic non-reimbursable items, which are major causes of excessive treatment in indemnity health insurance, as well as on product structure improvements. Additionally, reasonable standards should be established for future treatment costs of minor injuries in automobile insurance and for excessive oriental medicine treatments."

Chairman Lee continued, "Based on data from various fields such as public and medical sectors, we will organically link the general insurance industry with other industries to lay the groundwork for new businesses like mobility and healthcare," and said, "We will mandate insurance subscription for electric vehicle charging facilities, support the prompt introduction of insurance covering hacking or system failure damages to virtual assets, and index-based insurance to prepare for climate risks."

He also stated, "Simple complaints with low potential for disputes related to insurance contracts should be handled by the association to enhance the promptness of consumer complaint services," and added, "We must strengthen consumer guidance on renewal contracts and establish review standards for new types of advertisements to eradicate incomplete sales."

Furthermore, Chairman Lee said, "We must contribute to the recovery of the social and economic ecosystem through proactive responsibility fulfillment," and added, "We will continuously discover social contribution activities such as rapid relief supply support in the event of major disasters and actively develop win-win financial products that can practically support vulnerable groups."

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