From frozen pipes to skiing injuries: Insurers expand winter coverage

Skiers and snowboarders race down the slopes at Mona Yongpyong, Korea’s largest ski resort, in Pyeongchang, Gangwon Province, Nov. 21. Yonhap

Non-life insurers, which typically focus on fire and auto accident coverage, are expanding their offerings to cover a broader range of winter risks, including repairing burst building pipes and ski-related injuries, as the cold season approaches, industry officials said Sunday.

Samsung Fire & Marine Insurance, AXA General Insurance and KB Insurance have expanded their policies to cover damage from leaks in water supply and drainage systems.

Samsung Fire provides protection for frozen or burst pipes through its home fire insurance. If a sudden cold snap causes pipes to burst, resulting in water damage to floors or household items, the policy can cover the cost of repairs to floors and appliances, up to the insured amount. Damage to a downstairs unit can be covered through an optional rider.

AXA’s property comprehensive insurance covers plumbing leaks and repairs for water-damaged appliances.

KB’s home and biz care comprehensive insurance covers self-employed individuals. If freezing temperatures cause pipes to burst at their business premises, leading to downtime or equipment damage, the policy provides compensation.

With outdoor winter activities on the rise, insurance that covers related injuries is also gaining popularity.

Lotte Insurance and Hana Insurance offer low-cost one-day leisure coverage, priced at around 1,000 won ($0.68) to 2,000 won per day.

These plans cover medical and surgical expenses for fractures sustained while skiing or snowboarding and provide up to 10 million won in liability coverage if the insured injures others on the slopes.

Online platform-based insurers, such as Carrot Insurance, are also attracting younger customers by offering coverage for winter accidents, including frostbite and fractures.

Meanwhile, Samsung Fire’s winter mini insurance plan covers treatment for diagnosed flu and reimburses fracture diagnosis and cast care if an insured person slips on icy surfaces.