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South Korean consumers' complaints of insurance companies fell more than 7 percent in the first half of 2016 from a year earlier, industry data showed Monday, on the back of efforts to better protect policyholders.
The country's 24 life insurance companies and 16 nonlife insurers received a combined 33,343 consumer complaints in the January-June period, down 7.7 percent from a year earlier.
Complaints against life insurers sank 13.3 percent on-year in the first half, with those against nonlife insurance companies decreasing 2.3 percent.
Despite the overall decline, complaints related to insurance payments increased 7.3 percent from a year earlier to 15,221 cases in the six-month period.
Industry watchers blamed the increase on worsening economic conditions, which usually results in more disputes over payment between insurers and customers.
"When the economy takes a turn for the worse, more customers file to receive insurance payments while insurance companies toughen their screenings, leading to increased disputes," an industry source said.
The South Korean economy, Asia's fourth-largest, has been gripped by weak growth in the face of slumping exports and stubbornly flaccid consumer spending.
The economy grew 0.7 percent in the April-June quarter from a year earlier, with growth staying below 1 percent for three consecutive quarters. It expanded 0.5 percent on-year in the first quarter and 0.7 percent in the last quarter of 2015. (Yonhap)
The country's 24 life insurance companies and 16 nonlife insurers received a combined 33,343 consumer complaints in the January-June period, down 7.7 percent from a year earlier.
Complaints against life insurers sank 13.3 percent on-year in the first half, with those against nonlife insurance companies decreasing 2.3 percent.
Despite the overall decline, complaints related to insurance payments increased 7.3 percent from a year earlier to 15,221 cases in the six-month period.
Industry watchers blamed the increase on worsening economic conditions, which usually results in more disputes over payment between insurers and customers.
"When the economy takes a turn for the worse, more customers file to receive insurance payments while insurance companies toughen their screenings, leading to increased disputes," an industry source said.
The South Korean economy, Asia's fourth-largest, has been gripped by weak growth in the face of slumping exports and stubbornly flaccid consumer spending.
The economy grew 0.7 percent in the April-June quarter from a year earlier, with growth staying below 1 percent for three consecutive quarters. It expanded 0.5 percent on-year in the first quarter and 0.7 percent in the last quarter of 2015. (Yonhap)
