Life Insurance Association, Public Finance Agency
Finding the owner of 3.2 trillion won last year
Support for face-to-face information and online inquiries
While insurance money that insurance consumers did not visit exceeds 10 trillion won, the life insurance industry is promoting to the public for the refund of unclaimed insurance money. This year, the government plans to strengthen guidance centered on the elderly who have difficulty using digital financial services.
On the 27th, the Life Insurance Association announced that it will conduct a campaign to find hidden insurance money in collaboration with the Korea Inclusive Finance Agency.
The hidden insurance money is money that has been confirmed due to a reason for payment, but has not been claimed by the contractor or beneficiary. Examples include cases of not recognizing the expiration of insurance or the occurrence of intermediate insurance payments, or delaying receipt by misunderstanding that high interest rates are added even after maturity.
As of the end of last year, hidden insurance payments in Korea amounted to about 10.3 trillion won. Although it is decreasing every year from 12.4 trillion won at the end of 2022 to 12.1 trillion won at the end of 2023 and 11.2 trillion won at the end of 2024, it is still significant. The hidden insurance money returned to consumers last year was tallied at 3.247 trillion won.
The campaign focused on increasing the accessibility of older people to claim insurance. The Life Insurance Association will cooperate with consumer organizations to check insurance coverage and guide them on how to inquire about unclaimed insurance payments.
Insurance companies secure the latest addresses of contractors and others in cooperation with the Financial Services Commission and the Ministry of Public Administration and Security, and notify them of the occurrence of unclaimed insurance payments by mail and mobile. It will also promote apartment elevators, insurance company customer center videos, and YouTube channels for seniors.
Consumers can check and claim insurance contracts and hidden insurance payments signed up through self-certification on the “Find My Insurance” website.
The insurance industry has recently expanded its guidance system for refunding unclaimed insurance payments. According to the Financial Services Commission, out of the 3.247 trillion won in hidden insurance payments refunded last year, life insurers paid 3.457 trillion won and non-life insurers paid 2013 billion won. The financial authorities have been pushing for individual guidance since July this year, and are focusing on expanding the inquiry and guidance system for each insurance company and improving the financial accessibility of the elderly.