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Recently, the so-called ‘mini insurance’ is gaining popularity among people in their 20s and 30s, who value the economy.
It’s a method of getting insurance only when you need it and for as long as you need it, such as paying for insurance only for the amount of time you drive or deducting the amount each time you go for a walk with the dog.
Reporter Min-chan Kim will explain.
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Minseok Kim, a 30-year-old worker, pays monthly auto insurance premiums.
The insurance premium for September is 56,000 won.
Each time the device plugged into Kim’s car cigar jack turns the engine on and off, it measures the distance traveled and calculates the insurance premium. In September, it was 534 km. (Basic rate 39,000 won + 31 won for 1 km)
There is no burden of paying insurance premiums for one year at a time, and looking at exactly how much you burn each month, satisfaction is high.
[김민석]“(For the existing insurance), I paid mid-to-mid-half 850,000 won, but the (insurance change) is different from the monthly trip, but approximately, the rate is estimated to be 700,000 won per year (expected). “.
There are also products that you subscribe to whenever you need insurance, such as turning the switch off and on.
Ji-young Ji, in her 20s, takes out dog accident insurance with her mobile phone before she goes out to walk her dog.
The insurance premium is 45 won per hike and lasts for 4 hours by subscription.
[정지영]“When I walk, I just turn it on and then leave so I don’t have to worry about it …”
Recently, in the insurance market, this mini-insurance is causing quite a stir.
From health insurance that can only be purchased during the flu or outbreaks of hands, feet and mouth, and insurance for fractures and car accidents only on the day of exercise, such as mountain climbing or golf, a 1,000 won insurance has appeared.
Because cancer insurance is expensive, some products pay a few thousand won a month and only receive a 10 million won cancer diagnostic fee.
If existing insurance is geared towards broad and substantial coverage, these mini-insurances are characterized by a short period of time and minimal insurance premiums, while ensuring that consumers choose only what they need.
The main target audience is young people between 20 and 30 years old.
[김재환/보험업계 관계자]“(Young people) will be psychologically burdensome to buy long-term, well-paid monthly insurance. You can enroll a little more informally only in areas where you really need them …”
The mininsurance market is growing rapidly as conflicts and risks that require coverage in real life, such as noise between floors and babysitters, have become diverse, and as non-face-to-face preferences are added as a consequence of the coronavirus.
Overseas, small short-term insurance has already established itself as a new growth engine for the insurance industry.
[방병호/손해보험협회 팀장]“In China, we have product return insurance, flight delay insurance, and traffic congestion insurance. In Japan, we have pet insurance and household goods compensation insurance …”
Mininsurance, which has just intensified, is expected to occupy up to 10% of the insurance market in the next five years.
The government has also relaxed regulations by pushing for a plan to reduce the capital of mini-insurance companies to 1 billion won.
I’m Minchan Kim from MBC News.
(Video coverage: Lee Ji-ho / Video editing: Lee Sang-min)
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