News19 Dec 2017

South Korea:Record premium default at govt-run health insurance scheme

19 Dec 2017

The amount of uncollected premiums in South Korea's state health insurance scheme has hit a record high this year due to increased business failures amid a slowing economy.

The National Health Insurance Service (NHIS) said yesterday that its lost premiums stood at a fresh high of KRW188 billion (US$173 million) this year with the number of cases also reaching a record high of around 360,000, reported Yonhap News Agency.

The NHIS attributed the situation to the business slump that hit South Korea's major shipbuilding companies, which were forced to lay off thousands of workers amid plunging sales.

Uncollected insurance premiums stemming from corporate bankruptcies stood at more than KRW121 billion, the largest amount by reason.


 


 

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