[Economy 365]
More than half of overdue mortgage loans held by insurance companies have reportedly become long-term delinquencies past due by 90 days or more.
As of the end of June, the outstanding balance of mortgage loans in the insurance sector stood at 52 trillion won, with a delinquency rate of 0.4%.
While the delinquency rate has maintained a level of 0.3% to 0.4% since the end of 2022, the prolonged duration of delinquencies has been pointed out as a problem.
Out of the total overdue amount of 192.1 billion won, delinquencies of 90 days or longer amounted to 107.1 billion won, accounting for 55.8%.
This proportion increased by 6.4 percentage points compared to the end of 2022, and the amount surged by 68.1% from 63.7 billion won.
Experts point out that rather than simply looking at the industry-wide delinquency rate, long-term delinquencies and differences in soundness among individual companies should be inspected.
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