Samsung Life accepts less than half of claims recommended by regulator

Samsung Life accepts less than half of claims recommended by regulator | Insurance Business

Samsung Life accepts less than half of claims recommended by regulator

Korea’s largest life insurer accepted less than half the number of disputed cancer hospitalisation claims that the country’s financial regulator had recommended, according to reports.

Korea’s Financial Supervisory Service (FSS) recently recommended that 988 of 1,808 disputed claims of policyholders hospitalised for cancer over the past two years be paid out by insurers, according to a Korea IT Times report.

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However, only 55.3% of these claims were accepted by life insurers. And at 39.4%, the acceptance rate of Samsung Life Insurance – the country’s largest life insurer – was the lowest among the three major life insurance companies, which includes Hanwha Life and Kyobo Life.

“Life insurers should actively accept the FSS’s decision to pay patients suffering from cancer treatments rather than worrying them twice in disputes and lawsuits,” Representative Ko Yong-jin of the ruling Democratic Party of Korea told Korea IT Times.