How Are Insurance Premiums Determined?

1. An expert column written by I Yu-jeong, MBA, explains that insurance premiums are determined by several factors, including age, health condition, occupation and policy design.
2. The column presents the composition of premiums as 60-70% pure premium, 25-35% operating expenses and 5-10% profit, and writes that insurance for people with pre-existing conditions costs 30-200% more than for healthy individuals.
3. The column writes that the longer the time since hospitalization, the easier it becomes to obtain general insurance, and advises consulting thoroughly with an expert before applying.

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