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Major South Korean insurance providers target of antitrust complaint

( April 29, 2025, 08:31 GMT | Official Statement) -- MLex Summary: South Korea’s five major insurance providers — Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, Meritz Fire & Marine Insurance and KB Insurance — are the targets of an antitrust complaint over automobile insurance terms that exclude compensation for natural disasters. Consumers Korea and Solutions for Our Climate said today that they filed a complaint with the Korea Fair Trade Commission, arguing that excluding natural disasters such as floods and wildfires from automobile insurance coverage is unfair. They claimed that the exemption shifts liabilities onto consumers when insurance companies, in fact, play a significant role in contributing to climate crisis by insuring fossil fuel industries and investing heavily in these sectors through stocks and bonds. The statement follows: ...

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