10.3 Trillion Won in 'Hidden Insurance Money' Unclaimed; 3.2 Trillion Won Refunded Last Year

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Financial authorities announced that approximately 3.247 trillion won in hidden insurance money was refunded to consumers last year, with an average of 4.04 million won per claim.

By sector, life insurance companies refunded 3.0457 trillion won (640,000 cases), while non-life insurance companies refunded 201.3 billion won (160,000 cases).

By category, the refunds consisted of 1.8992 trillion won in interim insurance payments, 1.1394 trillion won in matured insurance payments, 146.5 billion won in dormant insurance payments, and 61.9 billion won in death benefits.

Hidden insurance money refers to insurance payments that have been finalized but remain unclaimed.

These cases occur when consumers are unaware that the payment has become available or are not fully informed about the accrued interest rates, leading them to leave the funds unclaimed.

As of the end of last year, the total amount of hidden insurance money was recorded at 10.3 trillion won.

This is a decrease from the 12.4 trillion won recorded at the end of 2022.

By category, this includes 7.7667 trillion won in interim insurance payments, 1.9235 trillion won in matured insurance payments, and 623.7 billion won in dormant insurance payments.

Financial authorities and the insurance industry plan to launch an intensive notification campaign for consumers starting this month.

In cooperation with the Ministry of the Interior and Safety, they plan to send notifications via mail to the latest addresses of policyholders or through mobile electronic notices.

Additionally, they will conduct public awareness campaigns in collaboration with the Korea Inclusive Finance Agency, including YouTube promotions and the distribution of promotional items.

Offline outreach targeting the elderly will also be strengthened in connection with consumer organizations.

Hidden insurance money can be searched and claimed through the insurance association's "Find My Insurance" website or the Korea Inclusive Finance Agency's "Find Dormant Deposits" website.

(Photo: Yonhap News TV, Yonhap News)

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