[Korea gimmingyeong financial newspaper reporters] found that the size of the rebate cancellation insurance last year recorded a record high. As the recession would prolong it became a household economy Fak increased to a cancellation insurance consumers.
According to the Life Insurance Association of cancellation refunds last year, life insurance companies have paid to customers was found to be up to 20.0117 trillion won.
Revocation refund amount that is returned if the customer terminates the contract prior to the maturity of insurance products. Insurance can usually have longer maturities than any other financial product class households pay for premiums paid.
Cancellation refunds was maintained for 12 trillion has increased dramatically in 17.788 trillion won in 2008. Then repeat the ascending and descending it had exceeded 17.127 trillion won in 2014, 18.465 trillion won in 2015.
According to the Financial Supervisory Service, the principal subscriber losses are wearing the insurance is terminated midway the record 20.2 trillion won in 2015 increased by 32% compared with 2010. Last year, more increases are estimated at about 2.5 trillion won. Premiums than surrender value ratio also hit the highest since the third quarter of 2012 to 19.44 percent last year.
Lee Seokho, senior Korea Institute of Finance researcher, is expected to increase in the insurance contract termination of income to the economic downturn, and intellectual and 'premium payments suspend such effective and maintain realistic agreement than to actively promote existing insurance contracts, maintain institutions while It said it would need to seek additional institutions.
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