"Pinpointing Vacation Risks"... 'Summer Insurance' in the Spotlight During Liberation Day Holiday

Lifestyle-Focused Insurance for Summer Outdoor Activities
Comprehensive Coverage from Fractures to Liability
"Check Existing Coverage Before Purchasing New Insurance"

As the Liberation Day holiday approaches, outdoor activities such as travel and water sports are expected to increase, and the insurance industry is reinforcing lifestyle-focused coverage targeting summer accidents and illnesses. Insurance products now feature more detailed segmentation by activity—ranging from coverage for fractures and liability caused by water sports accidents, to heat-related illnesses due to heatwaves, to injuries sustained during hiking and trekking. This trend can be interpreted as a response to consumer demand for only necessary risk protection, minimizing unnecessary coverage.

According to the travel industry on August 14, outdoor activities such as travel and water sports are expected to rise during the Liberation Day holiday period, which runs until August 17. In particular, domestic travel demand is forecast to increase as people seek short getaways. The Jeju Tourism Association expects 232,000 visitors to Jeju during this holiday—a 3.4% rise compared to the same period last year.

In response, insurance companies are launching products to cover summer risks such as water sports accidents and heat-related illnesses during the holiday. Lotte Insurance is offering the “Water Sports Insurance,” which provides coverage for water sports accidents. This plan, available for a daily premium in the 1,000-won range, covers fracture diagnosis and surgery as well as long-term aftereffects resulting from water sports injuries. It also includes liability coverage for accidental injuries to others or property damage during such activities.

Furthermore, recognizing that risk factors differ by water sports location, coverage is divided into the “Water Park Plan” and “Sea & Valley Plan.” The Water Park Plan focuses on treatment for fractures, knee and shoulder joint injuries, and similar issues, while the Sea & Valley Plan covers heat and cold-related illnesses, as well as poisoning from contact with venomous animals.

There are also products offering direct coverage for heat-related illnesses caused by heatwaves. Dongyang Life Insurance’s "Mini Climate Disease Coverage Insurance," launched earlier this month, pays 100,000 won upon diagnosis of heat-related illnesses such as heatstroke, sunstroke, and heat exhaustion in summer, or cold-related illnesses like frostbite and hypothermia in winter. The insurance period is one year, and for those aged 40, the premium is 130 won for men and 150 won for women.

Insurance is available for injuries that may occur during general outdoor activities, including hiking and trekking. AXA Insurance’s "Simple Accident Insurance" covers fractures, treatment with casts, hospitalization for injuries, as well as MRI and CT scan expenses if additional coverage is selected. There are also options for larger injuries that may occur during outdoor activities, such as knee, hip joint, or spinal damage.

This growing trend of segmenting summer risks in the insurance industry reflects consumer demand to select only the necessary coverage and eliminate unnecessary protection. While traditional accident insurance used to broadly cover accidents in daily life, more recent insurance products focus on specific situations and risks—such as water sports locations or heat-related illnesses—providing coverage tailored to everyday life.

An industry representative commented, “During holidays, with more travel, long-distance movement, and outdoor activities, people are exposed to a wider range of risks than usual. Before purchasing new insurance, it is advisable to first check whether existing policies already provide the necessary coverage, and then select any additional coverage needed to fill the gaps.”

This content was produced with the assistance of AI translation services.