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Hole-in-one insurance product sales on the rise

A Korean golfer practices his drive at the 2022 Golf Show held in Seoul. (Yonhap)
A Korean golfer practices his drive at the 2022 Golf Show held in Seoul. (Yonhap)
A hole-in-one should be a cause for rejoicing on the golf course, but the cost of such celebrations are driving more golfers to insure themselves against their own success.

An ace can be costly in Korea, as the golfer traditionally pays for an after party, donates a commemorative tree, pays for a follow-up match and tips the caddies.

Short-term golf insurance products that cover holes-in-one are becoming increasingly popular in South Korea.

Samsung Fire & Marine Insurance, the insurance unit of Samsung Group, said that it sold 3,417 golf insurance products between January and May, up more than 10 percent from the same period last year.

The number of Korean golfers exceeded 5 million for the first time in 2021, according to data from the Korea Leisure Industry Institute.

Some golf insurance packages cover holes-in-one alongside typical accidents and injuries that happen on the golf course.

Samsung’s golf insurance guarantees 1 million won ($795) per day for hole-in-one celebrations and souvenirs. Most insurance companies offer 500,000 won to 1 million won per day for hole-in-one coverage, with local insurance provider DB Insurance offering 500,000 won while Carrot General Insurance, KB Insurance and Lotte Insurance all guarantee 1 million won. Prices of the one-day insurance product vary based on subscriber‘s age, gender and the date when the golf round is played.

By Lee Seung-ku (seungku99@heraldcorp.com)
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