South Korea
Starr Insurance selects CEO for new Korea unit
Paul Choi carries over 30 years of industry experience.
Starr Insurance selects CEO for new Korea unit
Paul Choi carries over 30 years of industry experience.
Korean insurers face tax challenges amidst IFRS 17 adoption: Report
The sudden increase in reserves has triggered calls for regulatory adjustments.
South Korea's capital adequacy rises to 232.2%
This was an increase of 8.1 percentage points from three months prior.
Overseas ventures of South Korean insurers post mixed results in FY’23
Insurers have operated 41 overseas businesses in 11 countries as of yearend.
Korean insurers immune from overseas CRE decay: Fitch Ratings
Fitch believes robust capitalisation will enable insurers to absorb shocks from losses.
S. Korea sees 189 large liability claims in a decade
It was an average of 19 claims per year and a loss amount of KRW3.2b per claim.
Korean Re notes potential growth of pet insurance amid low uptake
Whilst there is a growing demand for pet insurance in Korea, only 11.9% of households with pets availed of insurance.
South Korean insurers adapt to new regulations
Regulatory changes prompt tax benefits to rise and the government to support overseas expansion.
KDB Life grapples with high leverage, Fitch reports
The insurer’s CSM increased in 2023, reflecting a focus on profitable policies.
S. Korean insurers see income surge 46% YoY in FY’23
Total premium income was down 6.0% year-on-year.
FSC announces enhanced MyData 2.0 in financial services
Amongst the improvements to be implemented is expanding MyData’s access to the digitally vulnerable.
Samsung Fire & Marine halts bancassurance after 20 years: Report
The FSC reports a 15% decline in bancassurance income for Korean non-life insurers.
South Korea eyes more investments in trade insurance
South Korea's exports have shown strong performance since the beginning of 2024.
DB Insurance to keep competitive spot in Korea’s market – S&P Global
DBI's assessment could be dragged if its consolidated capital position deteriorates significantly.
Hanwha Life Insurance’s capital adequacy is expected to surge under K-IFRS 17
S&P Global Ratings anticipate sustained capital bolstering over two years due to HLI's strategic risk management.
Korean Re faces downgrade risk amid shifting market dynamics
S&P hints at better assessments if Korean Re sustains strong performance and market leadership.
South Korea joins multilateral agreement for strengthened financial regulation
The committee consists of capital market supervisors and regulators from 22 countries in the region.
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Insurers need cultural overhaul in digital push
![Insurers need cultural overhaul in digital push]()
Digitalisation seeks to simplify processes, not complicate things.
Digitalisation seeks to simplify processes, not complicate things.
