Lee Byung-rhae, chairman of the General Insurance Association of Korea (GIAK), suggested in his New Year’s message that the GIAK work with its members to make 2025 a year of creating more growth opportunities with an indomitable determination.
The chairman brought up three key tasks for the sustainable growth of the Korean non-life insurance industry in 2025. The three are stronger soundness, innovation-powered growth and restoring trust.
Lee said that the Korean non-life insurance industry is faced with many challenges this year amid global geopolitical risks and economic uncertainty.
“We need to focus on substantial management to create a sustainable business environment such as eradicating insurance frauds and inappropriate payment of insurance money,” Lee emphasized.
In particular, he expressed his intention to resolve structural problems in indemnity medical insurance and auto insurance, and to expand infrastructure to detect insurance fraud through public-private partnership.
Lee also mentioned the importance of innovation-powered growth.
“We will support the development of products suitable for the new mobility industry such as electric vehicles and urban air mobility (UAM) and actively utilize artificial intelligence (AI) technology to accelerate digital transformation,” Lee said.
“By doing so, we plan to discover new growth engines to enable the Korean non-life insurance industry to compete better in emerging markets.”
Lee also cited earning more trust from consumers as the key to sustained growth in the Korean non-life insurance industry.
“We will expand the computerization of claims, eradicate unscrupulous insurance sales practices, and establish a consumer-centered culture,” Lee added.
“Furthermore, we will establish the Korean non-life insurance industry as a people-friendly industry that gains the trust of the general public through various social responsibility activities such as preventing traffic accidents and expanding social contributions.”
At the end of his New Year’s message, Lee quoted a Mongolian proverb, “The stronger the wind, the higher an eagle flies,” urging the Korean non-life industry to continue to change and innovate so it will be able to overcome challenges and make a greater leap forward.
In conclusion, Lee thanked the GIAK and the Korean non-life insurance industry for their efforts in 2024 in addressing key issues such as eradicating insurance fraud, resolving automobile insurance issues, and exploring new business areas.
The GIAK and TS hold a traffic safety campaign to create a safe homecoming traffic environment during the Lunar New Year holiday. Pictured here is a banner promoting the traffic safety campaign. (Photo: TS)
Campaign for Traffic Accident-Free Lunar New Year Holidays
The GIAK announced on Jan. 22 that it spearheaded the Lunar New Year Traffic Safety Campaign with Korea Transportation Safety Authority (TS) to create a safe homecoming traffic environment at 24 transportation hubs nationwide to ensure the safest possible traffic during the Lunar New Year holidays.
The campaign involved related organizations such as the Ministry of Land, Infrastructure, and Transport, the National Police Agency, Korea Expressway Corporation and volunteer groups.
The campaign was held at 13 service stations on highways, five major intercity bus terminals nationwide, three major railway stations, and Jeju Airport, Gimpo Toll Gate, and Uijeongbu Traditional Market.
During the campaign period, visitors to the traffic safety campaign sites received traffic safety tip leaflets, hot packs, wet tissues and toothbrush sets for free.
Korea usually has congested highways during the Lunar New Year holidays, and is faced with a bigger risk of traffic accidents due to accumulated driver fatigue and drowsy driving due to long-distance driving.
Therefore, it is important for drivers to maintain wide distances between cars and maintain appropriate speeds, regularly ventilate to reduce carbon dioxide levels in their cars, take breaks at service stations or drowsy shelters and perform simple stretches and acupressure.
“We hope that people will be able to go to their hometowns and other destinations more safely through this campaign,” GIAK Chairman Lee said.
“The Korean non-life insurance industry will continue to do its best in various public service projects to create a safe transportation environment.”
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