It's a telltale sign things have become a bit untenable in your country when an insurer is enlisted by the government to offer insurance against the serious social issues that plague it.
South Korea's second-largest non-life insurance company, Hyundai Marine & Fire, is working out details with the government to offer what will be known as "four evils" insurance, created to compensate victims of what the Park Geun-hye government considers the four greatest social problems in South Korea: bullying in school, low-quality or tainted food products, domestic violence and rape, CNN reports.
An independent panel that includes representatives of women's organizations and other groups advocating for victims of these pervading societal issues has been advising the insurer. The cover is expected to be available beginning in March.
Interestingly, the new insurance will also cover a certain degree of psychological damage, a landmark move for insurance coverage in this part of the world.
Local media have reported that the monthly premium will be the South Korean equivalent of $9 to $19 in U.S. currency and there will be a payout limit of $930 for psychological damage claims, but both the company and the Financial Supervisory Service (FSS) said the finer points are still being sorted.
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