Kakao Pay Insurance has reported that the number of subscribers for its long-term overseas insurance has more than doubled in the past year. The increase is attributed to a broader demographic, now including not only those in their 20s and 30s preparing for study or working holidays but also individuals in their 40s who require coverage for family stays and overseas work.
The company announced on August 24 that from January to July of this year, the number of long-term overseas insurance subscribers rose by 108% compared to the same period last year. This product, also known as 'Overseas N-Month Living Insurance,' is celebrating its second anniversary.
Among the different subscription types, the DIY option, which allows users to customize their coverage and premium amounts, accounted for 38% of the total. This was followed by the Basic plan at 25%, Light plan at 21%, and Plus plan at 16%.
The DIY option enables subscribers to set coverage amounts for overseas medical expenses due to injury or illness and for accident rescue and repatriation costs, ranging from 10 million to 200 million won. Subscribers can also add necessary riders or exclude unnecessary coverage. In December of last year, Kakao Pay Insurance increased the coverage limits for overseas injury and illness medical expenses and accident rescue and repatriation costs to a maximum of 200 million won each.
Among the claims paid, overseas medical expenses for illnesses accounted for the largest share at 79%, while medical expenses for injuries abroad made up 18%. The average claim amount was 255,563 won, with the highest claim being 26.21 million won for overseas medical expenses related to mycoplasma pneumonia.
In terms of countries, English-speaking nations such as Australia, the United States, Canada, and the United Kingdom represented about 36% of the total subscribers. The countries with the highest number of claims paid were Vietnam, Australia, Malaysia, China, and Thailand. Approximately 20% of subscribers re-enrolled while abroad.
* This article has been translated by AI.
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