South Korea
South Korea approves recovery plans of Korea Deposit Insurance Corporation
The plans of 10 D-SIFIs (2023) align with international standards and recommendations from the FSB.
South Korea approves recovery plans of Korea Deposit Insurance Corporation
The plans of 10 D-SIFIs (2023) align with international standards and recommendations from the FSB.
SK’s regulators to return KRW12.4t worth of unclaimed insurance funds
The sector is also planning to shorten the transfer process to KINFA by one year.
Korean reinsurance jumps 15.3% in 2022
There is higher demand for reinsurance and co-insurance, Korea Re said.
Kyobo Life CEO awarded the 2023 Insurance Hall of Fame
Kyobo Life chairman and CEO Dr. Shin is the award’s first legacy inductee.
S.Korea insurance industry to see 4.7% jump in GWP in 2027
This is due to a regulatory proposal to deregulate digital insurance innovations.
South Korea reviews allowing insurers to conduct banking operations
A task force was formed to look into this.
FM Global receives an insurance license in South Korea
The firm is also a licensed reinsurer in the country.
Electric vehicles to drive motor insurance growth in South Korea
The number of insured EVs tripled from 2018 to 2021.
AXA denies rumours of exit in South Korea
The firm is the only foreign insurer in the auto insurance market of South Korea.
South Korea reinsurance industry to reach $11.9b in 2026
Climate change and regulatory developments continue to be their drivers.
Korea P&I Club underwriting profits to remain vulnerable: AM Best
This is despite mitigative actions done by the insurer.
South Korean non-life insurers to suffer heavy loss August floods: Fitch
However, reinsurance safeguards will shield most insurers from major losses, AM Best said
Worst Seoul flooding triggers more than $50m in motor claims
4,791 car owners have filed for insurance claims due to damages by the flood.
Korea Exchange rejects Kyobo Life IPO application
The reason for the denial is discord amongst major shareholders.
Chubb names new LINA Korea country president
The firm recently acquired Cigna’s life insurance operations in the country.
Kyobo Life to issue $500m hybrid bonds
The 30-year bonds will all be sold to offshore investors.
South Korea insurance industry profits fell by 21% in Q1
Net profits for all 53 major insurers totaled $2.45b.
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Indonesia enters era of digital insurance distribution
![Indonesia enters era of digital insurance distribution]()
Industry executives at Insurance Asia Forum 2024 push the digital mindset in developing an efficient ecosystem.
Industry executives at Insurance Asia Forum 2024 push the digital mindset in developing an efficient ecosystem.
