South Korean insurers are holding approximately 10.3 trillion Korean won (US$7.4 billion) in unclaimed insurance benefits as of the end of 2025, according to the Chosun Ilbo. The funds represent finalised payments that policyholders have not collected.
The Korea Life Insurance Association and the Korea Inclusive Finance Agency launched a nationwide “Campaign to Help Find Unclaimed Insurance Benefits” on October 27. Policyholders can now check and claim benefits through the “Find My Insurance” platform (cont.insure.or.kr), operated jointly by the Korea Life Insurance Association and the General Insurance Association of Korea.
The most common reasons benefits go unclaimed include policyholders not knowing their insurance has matured, not realising interim benefits have accrued, or mistakenly assuming that higher interest continues to apply after the maturity date.
Read more: Korea insurers struggle to reduce unclaimed policy benefits
Approximately 3.247 trillion won was returned to policyholders last year, but the annual recovery rate has remained at roughly 30% since 2022, according to the Financial Services Commission (FSC). More than 16.8 trillion won has been returned since 2017.
The total pool of unclaimed funds has been declining year on year: from 12.4 trillion won at the end of 2022, to 12.1 trillion at the end of 2023, 11.2 trillion at the end of 2024, and 10.3 trillion at the end of 2025.
Under standard life insurance policy terms, an interest rate of 50% of the average disclosed rate applies for up to one year after maturity, 40% for one to three years, and no interest accrues beyond three years. Policyholders who delay claiming may receive less than expected.
The Financial Supervisory Service (FSS) has identified outdated contact details as a key obstacle. Insurers will begin verifying addresses through the Ministry of the Interior and Safety.
South Korea’s experience is not unusual - across the Asia-Pacific region, regulators are confronting similarly large pools of benefits that have never reached the people they belong to.
In Australia, the Australian Securities and Investments Commission (ASIC) reported in May 2026 that approximately A$2.7 billion in funds remain unclaimed across bank accounts, shares, and insurance policies.
In India, the Insurance Regulatory and Development Authority of India (IRDAI) reported that unclaimed amounts with life insurers stood at 20,062 crore rupees (approximately US$2.3 billion) at the end of the 2023-24 financial year. IRDAI member Swaminathan Iyer said in November 2025 that “there is a need for tracking and tracing unclaimed funds,” according to Business Standard. India’s government launched a “Your Money, Your Right” campaign in late 2025, with dedicated portals for insurance, bank deposits, and mutual funds.
In Singapore, the Monetary Authority of Singapore (MAS) has been pressing insurers on claims servicing standards. At the Life Insurance Association’s annual luncheon in March 2026, MAS assistant managing director Marcus Lim said some insurers were still failing to give claimants timely updates and providing unclear explanations of policy terms. “That promise is the product,” Lim said, referring to the obligation insurers take on when a policyholder pays a premium.
Read more: Prime Minister urges Indians to reclaim unclaimed deposits and insurance assets
For intermediaries, unclaimed benefits are a signal of where the advice chain breaks down after a policy is placed. A broker who maintains regular contact with clients is better positioned to flag maturing policies, update beneficiary details, and ensure clients or their families know what they are entitled to.
Regulators are making this expectation explicit. India’s IRDAI has mandated tagging of authorised salespersons to every policy, a move Business Standard’s editorial board said should bring “greater accountability in insurance distribution.” In South Korea, all 22 domestic life insurer CEOs signed a joint resolution on consumer-focused management in May 2026, according to the FSC.
In markets where post-sale obligations are tightening, ongoing policyholder engagement is becoming a compliance requirement rather than optional good practice.
The Chosun Ilbo report noted that websites and apps with names resembling “Find My Insurance” have been collecting personal information for insurance sales purposes. Policyholders are advised to confirm the official website address and check for the logos of the Korea Life Insurance Association and the General Insurance Association of Korea before submitting personal details.
This year’s campaign is placing particular focus on elderly individuals who may be less comfortable with digital platforms. The Korea Life Insurance Association, working with consumer groups, is expanding offline guidance and conducting in-person demonstrations.
