Insurers rush to introduce products catering to women


Insurance companies are rolling out products exclusively for women, as they have a far higher subscription rate than men as they get older, thus making them more profitable clients.About 90 percent of women across the country were subscribed to at least one insurance plan by the time they were aged 60 to 65, compared to men’s 70 percent in the same age category, industry sources said Wednesday.The femtech market, or services tailored for women’s health, is expected to reach 126 trillion won ($92.3 billion) by 2020, according to FemTech Analytics, a global research institute.Insurance companies are competing to appeal to this group of consumers.Hanwha General Insurance, which has been regarded as a pioneer in the market, set up in 2023 a research institute tasked with women-specific insurance plans, including a policy that covers medical costs for pregnancy, child birth, infertility and related areas.

The plan was so popular that it posted average monthly sales of more than 110 million in the first three months after it was introduced.To ease financial burdens of raising children, Heungkuk Fire & Marine introduced a plan that returns 2 percent of the monthly premium to a subscrber aged 50 or younger, if she has a daughter older than 5.Two affiliates of DB Group, DB Insurance came up with a plan that lowered monthly premiums for female patients to make them affordable to hire care takers while DB Life Insurance came up with a plan for women diagnosed with cancer.Also for female cancer patients is a NongHyup Life Insurance plan that covers up to 50 million won on checkup 카지노사이트킹 for possible gynaecological cancers.

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