사진 확대

As the high exchange rate continues, the number of dollar insurance subscriptions expecting foreign exchange gains is increasing rapidly. However, since dollar insurance is a long-term insurance product rather than a short-term investment product, the burden of insurance premiums and the amount received vary depending on fluctuations in exchange rates and overseas interest rates, and there are warnings that if it is terminated in the middle, principal losses may occur.

According to the Korea Insurance Research Institute's "Dollar Insurance Consumer Risks and Challenges in the Face of the High Exchange Rate" report on the 31st, the number of dollar insurance sales in the first quarter of this year was about 47,000, more than double the same period last year. The number of sales increased sharply from 12,000 in 2023 to 41,000 in 2024 and 118,000 last year.

As the won-dollar exchange rate continued to be high after exceeding 1,500 won per dollar in early March, demand for profits from additional exchange rate hikes has been concentrated.

Dollar insurance is the same as general insurance products to guarantee the risk of death and illness or to provide funds for retirement and purpose. However, the standard currency for paying insurance premiums and receiving insurance money is the U.S. dollar. Since only the amount excluding risk insurance premiums and business expenses is accumulated and operated from paid insurance premiums, even if the exchange rate rises, the upward effect does not apply to the full amount of insurance premiums. The contract period is usually more than 5-10 years, so if it is terminated in response to short-term exchange rate fluctuations, the cancellation refund may be less than the paid insurance premium.

If the exchange rate rises, the won burden to pay the same dollar premium increases, and if the exchange rate falls at the time of receiving the insurance money, the won conversion amount decreases. Interest-linked products may have a lower accumulation rate if overseas interest rates fall, resulting in a lower-than-expected decrease in maturity insurance or termination refunds.

In fact, the number of foreign currency insurance terminations in 2024 decreased by 3.9% from the previous year, but the termination amount increased by 50.4% and the average termination amount per case increased by 56.5%. In the same year, the average refund rate of the termination contract was below 90% every quarter, and the guaranteed products were only 59.8~68.0%.

The Korea Insurance Research Institute pointed out that insurance companies should check their understanding of the subscriber's dollar use plan, the possibility of maintaining long-term contracts, and the risk of exchange rates and interest rates, and fully explain the possibility of losses due to intermediate termination. It added that even after the sale, the maintenance rate, termination rate, and the trend of civil complaints should be continuously checked.