The Korean insurance market is the second largest in Asia and is dominated by local Korean insurers. However, there are some foreign insurance companies operating here and the major international brokers are well represented.
Automobile Insurance - If you drive a car you must purchase Compulsory Automobile Liability Insurance (CALI) which covers you in the event that you are responsible for causing physical injury or death to a third party in an automobile accident. Foreign drivers are advised to purchase comprehensive coverage. Policies are issued for a period of twelve months and insurance coverage does not legally begin until the premium has been paid. You have the option of purchasing your automobile insurance policy from either a Korean or foreign insurance company.
Renter’s Insurance (also known as Home Contents Insurance) is available and relatively easy to arrange. There are usually two coverage options: i) All Risks and ii) the more limited, Fire and Perils. All Risks is also known as Personal Property floater and provides coverage for ordinary household contents such as furniture, clothing, books, etc. whose individual value is less than US$500.00. It also covers valuable items such as jewelry, antiques, fine art, silverware, cameras, etc. These items must be separately ‘scheduled’ and valuations must be provided. Expect a deductible of about US$500.00 or so.
Personal Liability Insurance is available on a stand-alone basis or as an extension to a Home Contents policy. Comprehensive Personal Liability Insurance provides coverage in case you cause bodily injury or property damage to a third party and includes coverage for domestic employees and even golf injuries.
Cancer Insurance and Life Insurance are available in Korea, but are generally not offered to foreign residents.
Medical Insurance is available through the country's National Health Insurance Corporation or through private health plans.
Editor's Note: The information above is based on the information K4E has available at the time of writing. Given how difficult it is to obtain clear and complete information in Korea as well as how quickly rules can change, please see this as a guide and do follow-up with the appropriate Korean government bodies to confirm its accuracy and/or to get the most current answers. K4E would appreciate your feedback should you find out that our information is out-of-date.
Last Updated on 2011-02-08
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