Sunday, July 23, 2017

South Korea

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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Korea wants insurers to cut medical indemnity premiums

Korea wants insurers to cut medical indemnity premiums

The move is part of the government’s efforts to help alleviate the cost burden on subscribers.

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Offline life firms dominate Korea’s online market

Offline life firms dominate Korea’s online market

Savings-type policies offered by traditional insurers are a hit with internet users in the country.

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Allianz Life names new Korea CEO

Allianz Life names new Korea CEO

Sun Lei replaces current chief executive Joos Louwerier, who has been leading the Korean unit since February 2016.

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Korea relaxes rules as IFRS implementation nears

Korea relaxes rules as IFRS implementation nears

The FSS aims to help insurers alleviate potential fallouts from changes in global accounting rules.

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Anbang to invest US$2.67bn more in two Korean insurers

Anbang to invest US$2.67bn more in two Korean insurers

The Korean insurer is considering additional investments in Tongyang and Allianz ahead of tightened regulations.

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Korean insurers’ profit climbs on dividend income

Korean insurers’ profit climbs on dividend income

The country’s insurers’ posted a 24.4% on-year combined net profit rise in the first three months of the year.

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Korea urges firms to calculate contract liabilities from 2021

Korea urges firms to calculate contract liabilities from 2021

The Financial Services Commission said the new rule would encourage insurers to better cope with the IFRS 17.

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Samsung Fire & Marine buys 20% of Vietnamese insurer

Samsung Fire & Marine buys 20% of Vietnamese insurer

The Korean insurer will buy the stake in PJICO from Vietnam’s largest petrol dealer for US$23.4m.

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Korea approves Mirae’s acquisition of PCA Life

Korea approves Mirae’s acquisition of PCA Life

After the acquisition Mirae will become the country’s fifth-largest life insurer based on asset size.

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Korean life insurers face IFRS 17 challenge

Korean life insurers face IFRS 17 challenge

However, its implementation will promote structural improvement and value creation over time.

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Korea’s ING Life raises US$974m

Korea’s ING Life raises US$974m

The country’s fifth-largest life insurer priced its IPO near the lower end of its indicative range.

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Kyobo Life joins Korea’s insurance blockchain project

Kyobo Life joins Korea’s insurance blockchain project

The project will develop and implement an automatic payment system for small claims to policyholders.

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High dividends draw investors to ING Life’s US$1.2bn IPO

High dividends draw investors to ING Life’s US$1.2bn IPO

The listing, which will be Korea’s second-largest IPO so far this year, is scheduled for the second week of May.

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Alexander Howell, Swiss Re Corporate Solutions

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SUMMER 2017

House of cards

From supply chains to cyber, we discuss emerging risks with a roundtable of Singapore risk managers