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General Insurance Association of Korea

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General Insurance Association of Korea
Hangul
Hanja
Revised RomanizationSonhae Boheom Hyeophoe
McCune–ReischauerSonhae Pohŏm Hyŏphoe

The General Insurance Association of Korea (Korean: 손해보험협회, GIAK formerly Korea Non-Life Insurance Association) is a non-profit trade association representing the general (non-life) insurance industry of South Korea. Its main purpose is to foster sound development of the general insurance industry and to uphold the rights and interests of its members as well as the insurance policyholders. Its headquarters is located in Jongno District, Seoul, South Korea.

History

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The GIAK was established in 1946 as "Chosun Non-Life Insurance Association". In 1948, it was officially incorporated as "Korean Non-Life Insurance Association". In 2007, its name was changed to that of today.

Goals and activities

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The GIAK's stated goals for service to the public include:

  • Improve systems concerning general insurance
  • Participate in insurance-related international bodies
  • Disclose the business performances of the member companies
  • Promote traffic safety campaigns
  • Management of insurance solicitors

The organization also operates services for consumer protection and advocacy, including an insurance consumer counseling center. The counseling center enlists insurance experts and attorneys to provide advice and handle consumer complaints. The center provides these services online, via a telephone call center, in person at their offices and through a mobile counseling center.[1]

Another goal is to decrease insurance fraud by educating involved governmental and healthcare industry bodies. One example of their pursuit of this goal was the Gwangju Regional Insurance Crimes Citizens' Joint Workshop, which was a conference focused on decreasing the high rate of health insurance crimes in Gwangju.[2] As part of this conference, the organization presented awards to police and healthcare workers who actively prevented insurance fraud, including one Gwangju police officer who arrested 164 people involved in fraud.[3]

The GIAK also works alongside government agencies to facilitate communication with insurance companies during disaster events. For example, in the 2018 typhoon season, the organization provided assistance to the Ministry of Public Safety and Security by facilitating communication with vehicle insurance companies. If a parking area were flooded, the ministry or local governments could report vehicle numbers to the GIAK, who would manage communication with insurance companies. In some cases, vehicles in parking areas with a high flood risk could be moved to safer locations.[4]

Member Companies

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References

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  1. ^ "손해보험협회 '손해보험 상담센터' 확대 운영" [Expansion of non-life insurance counseling center]. Kukmin Ilbo (in Korean). KMIB. 2 February 2019. Retrieved 25 January 2020.
  2. ^ Oh, Sun-Woo (11 December 2019). "손해보험협회, 보험범죄 근절 민·관 합동 워크숍". Jeannam Ilbo (in Korean). Retrieved 14 January 2020.
  3. ^ "생명·손해보험협회, 보험범죄방지 유공자 135명 시상". Yonghap News (in Korean). 30 December 2019. Retrieved 14 January 2020.
  4. ^ "손해보험협회, 태풍 솔릭 대비 침수위험 긴급견인 시스템 가동". FNTIMES (in Korean). 23 October 2018. Retrieved 15 January 2020.
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