South Korea
Korean Re Switzerland elevates CUO to CEO
Michael Hinz will begin his role on 1 July, whilst current CEO Markus Eugster will step down at his request.
Korean Re Switzerland elevates CUO to CEO
Michael Hinz will begin his role on 1 July, whilst current CEO Markus Eugster will step down at his request.
Long-term insurance drives Samsung Fire & Marine’s 2023 profit growth
Revenues climbed 6.9% for the year.
IFRS 17, K-ICS weakens average solvency ratio
The adoption of K-ICS drove operational strategies of Korean insurers to focus on expanding sales of protection-type products with high profitability.
S. Korea’s FSC proposes corporate governance revision for financial firms
The revisions include the adoption of responsibilities maps and management of internal control duties by executive officers.
Motor insurance segment in S. Korea to exceed $19b by 2028: GlobalData
Healthy loss ratio driven by lower claims will assist insurers in re-assessing their risk exposure.
Seoul Guarantee Insurance IPO could resurface: Report
After a failed attempt last year from weak demand, it hopes to recover part of its public funds injected during the 1998 forex crisis.
NorthStandard expands S. Korea presence, boosts regional network
It also plans to recruit local experts familiar with the Korean shipping market.
South Korea’s insurers register better capital adequacy ratio Q3’23
FSS promises the industry to help maintain sufficient capital buffers amid volatile and uncertain financial market conditions.
S.K.’s FSC Issues guidelines for fractional investments in regulatory sandbox
Authorities anticipate that this guideline will enhance business entities.
S.K.’s stock market index to release English disclosures this coming year
The mandatory English disclosures of significant information will be enforced for KOSPI-listed firms in two stages.
S.K.’s household loans from insurers climb to $77m in November
On the other hand, loans made from nonbanks fell to $2.2b.
Korean Re to see growth potential in S.K.’s coinsurance business: AM Best
AM Best foresees a notable reduction in KRE's underwriting risk in 2023 due to the planned portfolio restructuring, which aims to offload unprofitable business, especially in the domestic personal line.
S.K.’s FSC calls for regulation on online asset users' protection
Slated to take effect on 19 July 2024, the proposed regulations aim to safeguard virtual asset users and establish a secure order in virtual asset transactions.
S.K.’s FSC chairman urges insurers to enhance CSR amidst financial challenges
The meeting was part of a series aimed at fostering close communication and mutual understanding between regulatory authorities and the financial industry.
S.K.’s FSC urges MyData regulation overhaul, fair pricing and streamlined processes
The proposed changes aim to establish reasonable standards for the pricing of data transfer costs, ensuring a sustainable operational environment for MyData services.
AM Best forecasts stable medium-term growth for Meritz Insurance
The assessment mirrors Meritz's robust balance sheet strength,
bolttech collaborates with S.K.’s LOTTE HIMART for electronic goods exchange service
The service comes with an annual fee of $30.
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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.
