Seongnam-si, Gyeonggi-do – The Gyeongbu Expressway near the Seoul Toll Gate in Seongnam-si witnessed heavy traffic on the last day of the Lunar New Year holiday as people returned to the city. This line up, in the Seoul direction, caused congestion and increased travel time for motorists. (Source: Newsis, Reporter Baek Dong-hyun, January 24, 2023)
9.8 Billion Won in Unclaimed Auto Insurance Premiums – According to the insurance industry, approximately 9.8 billion won worth of unused auto insurance premiums were left unclaimed by policyholders last year. In order to assist policyholders in reclaiming their lapsed insurance funds, the Korea Insurance Development Institute has established an ‘overpaid insurance premium integrated inquiry system.’ This platform allows individuals to easily check and receive their refunds for excess premiums. Moreover, various types of overpaid insurance premiums are eligible for refunds every year through this system. (Source: Newsis, Reporter Nam Jeong-hyeon)
Types of Refundable Premiums – Policyholders can apply for a refund if they have not submitted proof of military driving experience, have been the victim of car insurance fraud, or have overpaid their insurance premiums for other reasons. Additionally, certain circumstances such as additional recognition of insurance subscription experience, correction of discount surcharge level due to staying abroad, recognition of driving experience abroad, or working as a driver at work can also lead to refunds of overpaid premiums. (Source: Newsis)
Refund Statistics – Insurance premiums refunded due to failure to submit facts about a military driver’s service accounted for 84.8% of the total refund, amounting to 71.93 million earned over the past three years between January 2020 and December last year. Furthermore, refunds for additional underwriting experience, such as working as a driver for other corporations, overseas stay, overseas driving experience, and insurance fraud, accounted for 15.2% of the total refund. (Source: Newsis)
Unused Claims and Reimbursements – In 2022, there were approximately 110,000 cases of dormant auto insurance claims that were not claimed by policyholders, totaling around 9.8 billion won. To request reimbursement for dormant insurance money, individuals can visit the Korea Insurance Development Organization website or utilize the ‘Find My Sleeping Money’ feature on ‘FINE,’ the financial consumer information portal website of the Financial Supervisory Service. (Source: Newsis)
Increase in Refund Requests – The Korea Insurance Development Institute noted that the number of insurance policyholders seeking premium refunds and claiming idle insurance money tends to significantly increase only when promoted through the media. They have plans to address this situation and improve awareness among policyholders. (Source: Newsis)
[성남=뉴시스] Reporter Baek Dong-hyun = On the afternoon of the 24th, the last day of the Lunar New Year holiday, the line up (Seoul direction) Gyeongbu Expressway near the Seoul Toll Gate in Seongnam-si, Gyeonggi-do is crowded with vehicles returning to the city. 2023.01.24. livertrent@newsis.com
[서울=뉴시스] Reporter Nam Jeong-hyeon = Last year, the amount of unused auto insurance premiums not claimed by policyholders was found to be about 9.8 billion won. Policyholders can easily check and receive their lapsed insurance money on the Korea Insurance Development Institute website.
According to the insurance industry on the 3rd, the Insurance Development Institute established an ‘overpaid insurance premium integrated inquiry system’ in 2012 which allows people to apply for insurance premium refunds when excess premiums have been applied, and refunds various types of overpaid insurance premiums. every year.
For example, if you have not submitted proof of military driving experience or have been the victim of car insurance fraud and overpaid insurance premiums, you can apply for a refund. In addition, additional recognition of insurance subscription experience, correction of discount surcharge level due to staying abroad, recognition of driving experience abroad, working as a driver at work, etc. are also recognized as types of overpaid insurance premiums.
Insurance premiums refunded due to failure to submit facts about a military driver’s service amounted to 71.93 million earned over the past three years between January 2020 and December last year, accounting for 84.8% of the total refund. In addition, the insurance premium reimbursement performance due to additional recognition of underwriting experience such as working as a driver for other corporations, overseas stay, overseas driving experience, insurance fraud, etc. was found to be 15.2%.
Also, on the Korea Insurance Development Institute website, you can inquire about insurance claims that were not paid because the policyholder was unable to contact you or the claim was not collected due to suspected voice phishing even after receiving a call or message text from the insurance company informing you of the claim.
Last year, there were 110,000 cases of dormant auto insurance claims that were not claimed by policyholders, or approximately 9.8 billion won.
In addition to the Korea Insurance Development Organization website, dormant insurance money can be requested for reimbursement through ‘Find My Sleeping Money’ on ‘FINE’, the financial consumer information portal website of the Financial Supervisory Service.
The Korea Insurance Development Institute said, “The number of insurance policyholders asking for premium refunds and claims for idle insurance money tend to increase significantly only when they are promoted through the media. “It’s planned,” he said.
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