According to data received from the Financial Supervisory Service by Rep. Kang Min-guk, a member of the National Assembly’s Political Affairs Committee today (6th), dormant insurance payments held by domestic insurance companies amounted to 1,44,182 cases, or 829.3 billion won, as of the end of July this year.
Of the total dormant insurance, life insurance accounted for KRW 605.4 billion (73.0%), and non-life insurance accounted for KRW 223.9 billion.
By insurance company, Samsung Life had the most with 155 billion won, followed by Hanwha Life with 79.4 billion won and NH Nonghyup with 61 billion won.
Among non-life insurers, Samsung Fire & Marine Insurance had the largest share with KRW 28.9 billion, followed by Hanwha General Insurance with KRW 28.5 billion and Hyundai Marine & Marine Insurance with KRW 28.4 billion.
Insurance companies donate some of the dormant insurance money to the Financial Services Agency once a year, but the contribution amounted to only 63.7 billion won, or 7.7% of the total dormant insurance money.
There are constant criticisms of the lack of efforts by insurance companies to return dormant insurance money to the right holder.
Moreover, some point out that insurers need to improve their dormant insurance money by managing it without distinguishing it from other funds.
Rep. Kang pointed out that insurance companies have hundreds of billions of won in dormant insurance with right holders, but are not managing them transparently and using them to increase profits through deposits and asset management.
