Insurance companies react to growing side effect concerns

A medical staff injects AstraZeneca's Covid-19 vaccine. [YONHAP]

Responding to growing concerns over side effects of coronavirus vaccines, insurance companies have started to release products to cover anaphylaxis, one of the most common side effects of vaccination.

Samsung Fire & Marine Insurance and Lina Korea on Thursday released insurance products offering up to 2 million won ($1,800) if subscribers are diagnosed with anaphylaxis, a serious allergic reaction to certain foods or drugs that may result in death.

As of Thursday, 10,010 of 733,124 people vaccinated in Korea showed adverse drug reactions such as a high fever. Of those, 93 cases appeared to be anaphylaxis.

Samsung Fire & Marine Insurance introduced a special contract that offers 2 million won if a subscriber is diagnosed with anaphylaxis at an emergency room. The compensation is limited to once a year. Subscribers to the insurer's health insurance program will be able to sign up for the special contract.

The insurer has applied for exclusive use of its special contract to the General Insurance Association of Korea.

Lina Korea introduced a short-term insurance product that customers can subscribe to with a relatively cheap subscription fee. The product offers a maximum 2 million won if a subscriber is diagnosed with anaphylaxis for the first time.

If a subscriber dies due to Covid-19 even after being vaccinated, the product will give out up to 20 million won in compensation. The insurance expires after a year.

"With Covid-19 vaccines being more widely distributed, there is growing demand for insurance products related to [the vaccination,]" a spokesperson from Lina Korea said. "We hope to give peace at heart through our insurance products."

BY AHN HYO-SUNG, KIM JEE-HEE [kim.jeehee@joongang.co.kr]