– Domestic insurance began in the 1920s during the Japanese occupation. The first insurance company was founded in 1921, but there are no existing insurance companies. It is only 100 years of insurance history, but in reality our people have been with insurance for a longer time. The representative one is Gye-na Doure.
The traditional cooperative organization Gye (契) had great economic functions in addition to friendship. There were many meetings where several participants saved money every month and received the collected amount in turn. There is only a difference in the order of receipt, but the sum of the money you pay and the money you receive is the same. For the system to operate, it needed someone to manage the money. This was called the relay.
The same goes for insurance. In preparation for an unexpected accident, an unspecified number of people save money and the person in the accident receives it. The difference is that the relay owner was changed to an insurance company after receiving insurance payments from the person who had the accident.
The fourth-generation medical insurance, which was recently released by the government, makes you tilt your head when you think about the basic principles of such insurance. It was developed in the name of improving the loss ratio of existing real-life insurance as the loss ratio increases. This means that the person who received insurance money due to illness or accident must pay off the money punitively from the following year. When the product is released, it is already said that it is a bad installment.
You have to purchase such insurance, but there are not one or two people who raise questions.
In the background of the launch of the 4th generation product, some policyholders’ insurance scams and medical institutions’ moral hazards are cited. If so, we have to find a way to elaborate on these issues, and trying to solve them with punitive products doesn’t seem to be the right policy. It is difficult to hide behind the excuse that it is difficult for the National Assembly to pass the law because cooperation between ministries is not available.
The industry is also a problem, arguing for a high loss ratio and claiming an increase in premiums. I would like to disclose the actual profits and losses that the subscribers are convinced of, including recruitment costs and fees. The 4th generation real loss is expected to be released next July. I would like to recommend that people around you who do not have actual loss insurance subscribe to the existing product before July of next year.
[금융부 = 이승훈 기자 [email protected]]
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