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Samsung Life Has Lowest Ratio of Paying Insurance Money within 3 Business Days
Paying Insurance Money
Samsung Life Has Lowest Ratio of Paying Insurance Money within 3 Business Days
  • By Michael Herh
  • May 11, 2017, 04:00
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Samsung Life had the lowest ratio of paying insurance money within three business days among 24 life insurers last year.
Samsung Life had the lowest ratio of paying insurance money within three business days among 24 life insurers last year.

 

According to data which the Financial Supervisory Commission (FSC) submitted to Park Yong-jin, a lawmaker of the Minjoo Party on May 4, Samsung Life Insurance had the lowest ratio of paying insurance money within three business days among 24 life insurers last year and paid 14.4% of insurance money after three business days.

Samsung Life Insurance was followed by Mirae Asset Life Insurance (9.9%), Prudential Life Insurance (6.6%) and AIA Life Insurance (6.0%). Among non-life insurance companies, Meritz Fire Insurance recorded the lowest rate, followed by MG Non-Life Insurance (7.3%), Lotte Insurance (7.1%) and AIG (5.5%).

Under the current regulation, an insurer must pay insurance money within three business days of the reception of a claim document and if a further investigation and a check are required, a life insurance company must pay insurance money within 10 business days and a non-insurance company within seven business days.

"The delayed payment of insurers’ insurance money is increasing damage to financial consumers,” lawmaker Park said. “I will demand that the FSC launch special investigations into insurers with high delayed payment ratios.”