The industry's next priorities include stepping up anti-fraud awareness work, embedding new distribution rules, advancing risk management reforms and preparing for future catastrophe events.
The charge accounts for around 9% of premiums across levied classes, and the council warns it may push households to raise excesses and cut sums insured.
Insurance research institute told a Seoul workshop that correlated shocks from both perils need dispersing through reinsurance, capital markets, and a defined public-private framework.
A shift to a broad-based property charge would lower costs for most households and businesses while expanding insurance uptake, the industry body said.
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