Niche insurance products are becoming popular in Korea

Insurers are coming up with policies to suit just about anyone’s needs, including golfers, pet owners, and hikers

Niche insurance products are becoming popular in Korea

Insurance News

By Gabriel Olano

South Korea’s niche insurance market is steadily growing, as insurers seek to cover the expanding needs of people with varied interests, such as golfers, pet owners, young adults, and hikers.

Given golf’s immense popularity in Korea, Meritz Fire & Marine Insurance introduced a new product named “direct weekend hole-in-one golf insurance” which covers property damage while playing. It also rewards policyholders if they hit a hole-in-one, providing souvenirs or funds for a party to celebrate the occasion.

Hanwha General Insurance and Dongbu Insurance also have insurance products that cover damaged golf clubs.

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Meanwhile, with pet ownership on the rise, several insurers, such as Lotte Insurance, Samsung Fire & Marine Insurance and Hyundai Marine & Fire Insurance, have introduced products that meet the medical needs of their clients’ four-legged family members.

For young adults in their 20s and 30s, MG Non-life Insurance’s 2030 insurance plan offers various coverages and services to help its policyholders in various areas of their lives, such as education, employment, marriage, beauty, leisure, and health.

The-K Non-Life Insurance Company offers rental car drivers one-day motor insurance plans with premiums ranging from KRW2,000 to KRW19,000 (US$1.75 to US$16.75). The product can be accessed via a mobile app. The insurer also provides insurance for hikers at KRW1,000 (US$0.88) per day.

“As new insurance products are continuously being developed, people are able to find an insurance plan that suits their special needs when they look closely,” an official at the General Insurance Association of Korea told Korea Bizwire.

Related stories:
S. Korean government seeks US$88m insurance payout
Demand for pet insurance on the rise in Korea
Niche focus to become more important

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