@samuelszuchan: In April 2020, 830,000 Koreans bought driver insurance policies in a single month. That's a 2.4x jump over the first-quarter monthly average. What happened in March 2020? Korea's Minsik Law took effect. It made a fatal incident in a school zone carry three years to life imprisonment, with no fine option. Injury draws one to fifteen years. By the end of April, Korean insurers were tracking 12.54 million active driver insurance policies. The Financial Supervisory Service had to issue a formal warning about overlapping coverage and predatory sales tactics. The market priced the new risk before anyone else did. Then the coverage limits started climbing. Before the Minsik Law, the standard criminal settlement support coverage had a ceiling of 30 million won. By 2023, that ceiling had climbed to roughly 200 to 250 million won. That's a six to eight times increase. The dashcam economy moved in parallel. Han Mun-chul, a traffic attorney, had a YouTube channel that passed 500,000 subscribers on March 31, 2020, six days after the law took effect. By August 2021, he had crossed one million. JTBC built a primetime show around the same footage. Navigation apps started offering routes that avoided school zones entirely. Drivers started avoiding these zones at all costs. The entire market reshaped around one law.

Sam Szuchan

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Region: US

Monday 29 June 2026 19:00:00 GMT