Samsung Life Insurance was last in cancer insurance payment rate
Samsung Life Insurance was last in cancer insurance payment rate
  • Jung Jun-ho
  • 승인 2019.10.07 12:19
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Life insurance companies accepted only half of the Financial Supervisory Service (FSS)'s recommendation to pay for cancer hospitalized insurance premiums, a report showed Wednesday. In particular, Samsung Life Insurance, the No. 1 life insurer, had the lowest acceptance rate.
According to data received by Rep. Ko Yong-jin of the ruling Democratic Party of Korea at the National Policy Committee of the National Assembly, the FSS has decided to grant payment recommendation to 988 cases (54.6 percent) out of 1,808 cases of dispute settlement regarding insurance payment for cancer patients over the past two years. Of them, only 546 cases or 55.3 percent were accepted by life insurers. 129 cases (13.0 percent) were refused to pay, while the remaining 313 cases (31.7 percent) only partially accepted.
It is in contrast to the fact that the non-life insurers accepted all of the FSS's recommendations for payment. By company, the three largest life insurers (Samsung, Hanwha, and Kyobo Life Insurance) account for 79 percent, or 1,428 cases, of the 1,808 cases of dispute settlement involving insurance payment for cancer patients. Samsung Life Insurance has the largest number of cases with 908, followed by Hanwha Life Insurance with 272 and Kyobo Life Insurance with 248.
Of the dispute settlement agenda for Samsung Life Insurance, the FSS decided on 551 cases, or 60.7 percent, after judging them for the insurance payment. Of the total, Samsung Life Insurance accepted only 217 cases (39.4 percent), partially accepted 263 cases (47.7 percent), and declined the payment recommendations for the remaining 71 cases (12.9 percent).

Samsung Life Insurance's overall acceptance rate is far below the life insurance company's average of 55.3 percent. The overall acceptance rate of Hanwha Life Insurance was 80.1 percent and that of Kyobo Life Insurance 71.5 percent.
"Life insurers should actively accept the FSS' decision to pay patients suffering from cancer treatments rather than worrying them twice in disputes and lawsuits," Rep. Ko Yong-jin said.

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