South KoreaWhat does travel insurance cover?
Travel insurance in South Korea typically covers medical expenses, trip cancellation or interruption, lost or delayed baggage, and emergency evacuation — but coverage depends on the specific policy terms, as no single law mandates uniform coverage.
What the Law Says
South Korean law does not define or mandate minimum coverage for travel insurance. Instead, policies are governed by the Insurance Business Act and related enforcement decrees, which require insurers to clearly disclose coverage, exclusions, and conditions to consumers.
Travel insurance is classified as a non-life insurance product under the Insurance Business Act. Insurers must obtain approval from the Financial Services Commission (FSC) for policy terms and premiums.
The Act requires that all policy documents be written in plain Korean and include a summary of key coverage, exclusions, and claims procedures. Consumers have a 15-day 'cooling-off period' to cancel a policy and receive a full refund if purchased directly from the insurer.
Coverage details — such as medical expense limits, baggage compensation amounts, or trip interruption eligibility — are set by individual insurers and must comply with FSC disclosure rules, but are not standardized by law.
Statutory TextAn insurer shall notify an insured person of important matters concerning an insurance contract, including coverage, exclusions, and conditions, in writing prior to concluding the contract.
— Insurance Business Act, s. 69 — Disclosure of Important Matters
Statutory TextWhere an insurance contract is concluded through means other than face-to-face solicitation, the insured person may terminate the contract within fifteen days from the date of conclusion without any penalty.
— Enforcement Decree of the Insurance Business Act, s. 82 — Cooling-off Period
What to Do
Read the policy document carefully — especially the 'Coverage', 'Exclusions', and 'Claims Procedure' sections.
Verify whether pre-existing medical conditions, high-risk activities, or pandemic-related cancellations are covered.
Keep all receipts, medical reports, police reports (for theft), and airline notifications for claims.
Contact your insurer’s 24/7 assistance hotline immediately in case of emergency or trip disruption.
Submit your claim within 30 days of returning home or the incident, unless the policy specifies a different deadline.
Sources
Not legal advice. This article is general information based on publicly available sources, written for educational purposes. Laws change and individual situations vary. Consult a licensed attorney in your jurisdiction before acting on anything you read here. Last reviewed: 2026-06-08.