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
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
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.
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
Gwangju () is South Korea's sixth-largest metropolis. It is a designated metropolitan city under the direct control of the central government's Home Minister. The city was also the capital of South Jeolla Province until the provincial office ...
. 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.
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.
Member Companies
*
Meritz Fire & Marine Insurance
*
Hanwha General Insurance
*
Lotte Insurance
*
MG Non-Life Insurance
*
Heungkuk Fire & Marine Insurance
*
Samsung Fire & Marine Insurance
*
Hyundai Marine & Fire Insurance
*
KB Insurance
*
DB Insurance
DB Insurance Co, Ltd. (), formerly Hankook Automobile Insurance (), is a South Korean insurance company. It is headquartered in Seoul and was established in 1963. The fire insurance group division of the company controls a large portion of the Sout ...
*
Korean Reinsurance Company (Korean Re)
*
Seoul Guarantee Insurance
*
Axa
Axa S.A. (styled as ''AXA'' or GIG in the Middle East) is a French multinational insurance company. The head office is in the 8th arrondissement of Paris, France. It also provides investment management and other financial services.
The Ax ...
General Insurance
*
AIG Korea
*
The-K Non-Life Insurance
*
Nonghyup Property & Casualty Insurance
*
BNP Paribas
BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...
Cardif General Insurance
*
ACE American Insurance Company
References
External links
General Insurance Association of Korea Homepage (Korean and English)
{{KNIA
Financial services companies established in 1946
Insurance companies of South Korea
Finance in South Korea