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Photo = KB Insurance |
[Alpha Biz= Kim Jisun] On Monday (10th), KB Insurance disclosed that an employee had embezzled unclaimed cancellation refunds from long-term inactive insurance contracts.
According to the disclosure, between August 30, 2023, and July 5, 2024, the employee illegally transferred refund payments related to deceased policyholders’ unclaimed contracts.
The fraud was detected on July 6th when another employee noticed irregularities during a routine refund transaction and immediately reported the issue. KB Insurance has since launched an internal audit into the matter.
So far, the estimated loss amounts to 1.402 billion KRW (approximately $1 million), but this figure may change following further investigation.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
