The Korea Insurance Development Institute is a not-for-profit membership corporation established to protect the interests of policyholders, and contribute towards the development of the insurance industry.
Since its foundation in 1983, where it began in the field of non-life insurance ratemaking area, KIDI has continued to expand its business field. By 1989, KIDI broadened its scope to include not only non-life insurance, but also life insurance as well. In 1992, the Korea Automobile Insurance Repair Research Training Center (KART) was established as a subsidiary, and in 1995, the Korea Insurance Research Institute (KIRI) was founded as a subsidiary. KIRI later became a separate entity in 2010.
As of Feb 2023, KIDI has 22 life insurance member companies, and 20 non-life insurance member companies (42 in total).
In terms of organizational structure, KIDI consists of five divisions and a subsidiary automobile research center (KART). In total, over 250 of the finest experts are working passionately with KIDI to further develop the Korean insurance industry.
KIDI’s head office can be found in the heart of the Yeouido financial district (Seoul), while KART is located in Icheon (Gyeonggi Province) which is a two-hour drive away from the head office.
The General Meeting is KIDI’s top decision-making body, consisting of Chief Executives from each member companies. It handles matters such as the amendment of the constitution, election of board members, budget approval, as well as the reviewand decision-making on various issues proposed by the chairman.
Board of Directors
The Board of Directors is comprised of two executive directors and eight non-executive directors (four delegates of public interests,four company representatives), as well as two external auditors. The board’s duties include resolving issues related to ratemaking, rate/product review, and producing mortality tables, the planning of major tasks, and new product development.