Friday, April 27, 2018

South Korea

Korean insurers face weakening financial health

Korean insurers face weakening financial health

A rise in interest rates and dividend payouts took its toll on available capital in the fourth quarter of last year.

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Korean auto insurance slowed in 2017

Korean auto insurance slowed in 2017

The latest statistics suggest that stiff competition and lower premiums have affected profitability.

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Fubon Life to become Hyundai Life’s largest shareholder

Fubon Life to become Hyundai Life’s largest shareholder

The Taiwanese life insurance company is set to take up the forfeited options of Hyundai Mobis.

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Korea Development Bank postpones sale of life unit

Korea Development Bank postpones sale of life unit

The former Kumho Life will not be sold for at least two years or until it becomes more competitive.

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AIG names new head of Korea business

AIG names new head of Korea business

Douglas Min joins as president and CEO in Seoul, taking over from Steven Barnett.

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NongHyup expands insurance business in China, Vietnam

NongHyup expands insurance business in China, Vietnam

The Korean group is expanding its insurance business as part of efforts to strengthen its overseas portfolio.

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Korean insurers turn to hybrid securities to boost capital

Korean insurers turn to hybrid securities to boost capital

The issuance comes ahead of the introduction of the new global accounting and stricter local capital standards.

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Korean insurers ask to postpone new capital standards

Korean insurers ask to postpone new capital standards

The K-Insurance Capital Standards are posing a heavy burden on the country’s insurance industry.

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Samsung names new CEOs for insurance units

Samsung names new CEOs for insurance units

Samsung Life Insurance and Samsung Fire & Marine Insurance have new leaders after the resignation of the previous heads.

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Korean insurers post higher profits in 2017

Korean insurers post higher profits in 2017

The improvement is driven by hefty gains on investment coupled with a rise in interest rates.

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Korea to increase number of online insurers

Korea to increase number of online insurers

The regulator’s aim is to lower barriers to entry and ramp up competition in the country’s financial sector.

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Chubb names Edward Ler country head for Korea

Chubb names Edward Ler country head for Korea

He replaces Edward Kopp, who was recently appointed country president for general insurance in Thailand.

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Korea doubles number of insurance patents

Korea doubles number of insurance patents

The increase is credited in part to the implementation of IFRS17, which has helped to drive innovation.

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Assets held by Korean insurers top W1,000tn

Assets held by Korean insurers top W1,000tn

The total is broken down into W782.1tn in assets controlled by life insurers and over W252tn by non-life firms.

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Eight Korean insurers tap online-only bank

Eight Korean insurers tap online-only bank

K Bank has released 20 savings and protection “mobilessurance” policies through a mobile app.

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Korean insurers ask for government help on earthquake risk

Korean insurers ask for government help on earthquake risk

Insurers say earthquake policies will not be profitable unless the government shares a bigger financial burden.

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Korean official warns interest rate hike could disrupt insurers

Korean official warns interest rate hike could disrupt insurers

FSC vice-chairman Kim Yong-beom made the pronouncement ahead of the Bank of Korea’s plan to raise its key rate.

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Allianz completes sale of Korean unit to Anbang

Allianz completes sale of Korean unit to Anbang

The deal completed after the Financial Services Commission finally approved the transaction earlier this week.

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