Article - Korea: Insurers urged to offer policies for bike riders

JoongAng Daily, March 28
Author: Moon Gwang-lip

With the popularity of bicycles among commuters growing thanks in part to government support, nonlife insurers in Korea are considering selling policies to cover riders against accidents, according to the head of the nonlife insurers’ association. Though Korea has the world’s seventh-largest insurance market, bike riders are surprisingly not yet covered.

Since early 2000, bicycle accidents jumped 20.7 percent every year on average, with the number of casualties up from 214 in 2004 to 439 last year, according to the National Police Agency. According to nonlife insurers, the premiums for insurance against injury while on a bicycle will likely be 50,000 won to 100,000 won [CAD$46-92] per year.