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Savings life insurance cancellations increased by 23%, money all poured into the stock market.
Author: Curry, Deep Tide TechFlow
How crazy has the Korean stock market been lately?
KOSPI has risen from 4,000 points to nearly 8,000 points in half a year. According to The Korea Daily, the employees' restrooms at a department store in Gangnam, Seoul, are full every day at 3:30 p.m. when the market closes, with employees hiding inside to watch the market.
As of mid-May, the balance of retail investors borrowing money from brokerages to trade stocks in Korea reached a record high of 36.47 trillion won (about 170 billion RMB), doubling in a year.
But in this frenzy, the money came in a bit strangely.
According to Korea Herald, the three major life insurance companies in Korea canceled a total of 4.9 trillion won (about 364.7k RMB) worth of policies in the first quarter, a year-on-year increase of 16.3%. Among them, savings-type life insurance cancellations were the most aggressive, increasing by 23.2%.
Savings