Tuesday, January 23, 2018

South Korea

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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Korean insurers brace for new accounting rule

Korean insurers brace for new accounting rule

Insurance providers will have to maintain a two-track record of their financial statements, beginning next year.

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AIA denies Korea exit rumours

AIA denies Korea exit rumours

Group CEO Ng Keng Hooi says the company is in fact considering additional funding to comply with IFRS 17.

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Mounting debt forces Hyundai Life to cut workforce

Mounting debt forces Hyundai Life to cut workforce

The company has reportedly placed 120 employees under a voluntary retirement programme as it faces mounting debt.

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Korea’s health insurance outlays hit US$30bn

Korea’s health insurance outlays hit US$30bn

Spending on medical examinations, hospitalisations and drug purchases in the first half of the year rose 9.2%.

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Korean insurers post 28.3% profit rise

Korean insurers post 28.3% profit rise

Results for the first half of this year reflect robust dividend income growth and a drop in the loss ratio, said the FSS.

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Samsung Life posts 26% profit growth

Samsung Life posts 26% profit growth

The insurer added that its value of new business was W598.3 billion, up 6.5% over the same period.

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Korean non-life insurers pressure to cut premiums

Korean non-life insurers pressure to cut premiums

The big non-life firms raked in higher profits, but this has led to pressure on pricing.

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Korea sees rise in sales of variable insurance policies

Korea sees rise in sales of variable insurance policies

Premiums have nearly doubled to US$477m on the back of robust gains in the local stock market.

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Korean insurers forecast to exceed 2016 performance

Korean insurers forecast to exceed 2016 performance

Higher interest rates and improved auto insurance business are expected to propel the industry.

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AGCS to open Seoul branch

AGCS to open Seoul branch

The Allianz unit is the first foreign non-life insurer in almost a decade to open in Korea.

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Korean firms must raise capital reserves by year end

Korean firms must raise capital reserves by year end

Capital reserves will be gradually raised starting this year-end, the financial regulator recently announced.

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Korean firms raising capital ahead of IFRS 17

Korean firms raising capital ahead of IFRS 17

Some insurers are planning to issue hybrid capital securities in the US dollar bond market.

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