Country: Korea Page 1 / 2
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- December 2 2024
Tokio Marine puts Korean reinsurance business in run-off as part of strategic shift
Despite this retreat, the company says it remains focused on pursuing bolt-on acquisitions that align with its overseas growth goals.
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- November 27 2024
Japanese, Korean trade insurers face US$100m+ exposure in Northvolt bankruptcy: report
The government-owned credit guarantee agencies NEXI and K-Sure had covered loans to the Swedish battery maker that filed for a Chapter 11 reorganisation in the US.
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- November 1 2024
KB Insurance sees growth in capital and surplus: AM Best
The rating agency has affirmed the financial strength rating of A (excellent)for the South Korean carrier with a stable outlook.
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- October 29 2024
South Korea’s Construction Guarantee faces stress from growing claims, 2023 COR at 125.36%: Fitch
The ratings agency has affirmed the cooperative surety insurer's financial strength rating at A (strong), with a stable outlook.
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- October 21 2024
South Korea’s Construction Guarantee members facing liquidity pressure: AM Best
The rating agency has downgraded the surety underwriter's outlook to negative from stable while affirming its rating at A+ (superior).
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- October 7 2024
Carriers hop back on crypto bandwagon as local regulations, attractive rates beckon
While more (re)insurance providers have entered the market, the industry needs to guard against loose underwriting and opportunistic capacity.
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- September 23 2024
Korea’s Wise Insurance appoints Yubeom Kim as reinsurance team director
Before joining Wise, Seoul-based Kim worked at HIS Insurance for over seven years where he was most recently director.
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- September 10 2024
South Korean motor insurance net profit falls 40.2% as accidents rise
The number of accidents rose 3.4% to 1.84 million, as the segment's COR worsened by 2.4 percentage points to 96.6%, preliminary data from the Financial Supervisory Service shows.
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- August 29 2024
Korea’s FSC urges insurers to speed up claims payment
Head of the FSC Kim Byoung-hwan also called on insurers to digitalise their insurance claim services by October.
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- August 29 2024
Korea’s FSC might review proposed change in insurers’ capitalisation rules: report
The Financial Supervisory Service had proposed that, starting next year, the discount rate for market valuation of insurance liabilities will be based on the 30-year government bond rate instead of the 20-year rate.
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- August 16 2024
Hanwha General Insurance’s rate hike effort pays off for its long-term business: AM Best
AM Best affirmed the rating of Korea's sixth-largest non-life insurer at “a” (excellent) with a "stable" outlook.
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- August 16 2024
Analytics: Korean insurers’ record H1 results marred by motor results slump
Rates cuts by major players have led to a a significant deterioration in their motor portfolio in the first six months of the year, while a focus on long-term insurance products has helped the bottomlines.
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- August 15 2024
DB Insurance H1 underwriting profit improves 21.5% to US$810m
Strong growth in the non-life carrier's long-term and commercial insurance business offset the decline seen in its motor insurance in the first six months this year.
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- August 12 2024
Korea may ask EV makers to declare battery suppliers as car fire claims pile up: report
Insurers have received 600 motor claims from a fire sparked by a Mercedes EV on August 1, forcing the government to consider regulatory changes including battery reliability certification.
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- August 1 2024
Munich Re’s Ajeet Phatak takes over as CEO for Korea
Phatak, who was previously head of client management for Munich Re Japan, was appointed in the new role following a wider regional leadership reshuffle earlier this year.
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- July 23 2024
Korean insurers brace for more investment return volatility: Fitch
The carriers have sufficient capitalisation and their stable underwriting performance will likely support their overall profitability and offset the choppier returns caused by the IFRS 9 accounting change.
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- July 11 2024
Allianz Commercial names Young Jeong Lee as head of financial lines, Korea
Lee joined from Samsung Fire & Marine, where he worked 12 years as a senior professional in its finance and energy department and global strategy department.
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- July 4 2024
Korea to provide US$2bn trade insurance as “AI supercycle” looms: report
South Korea's Trade, Industry and Energy Minister Ahn Deok-geun said that the demand for power from AI utilisation has boosted the power device market in a supercycle through which the country can bolster its exports.
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- June 24 2024
Lotte Insurance final bids due June 28, Woori remains in the race
The sale by PE owner JKL Partners, managed by JP Morgan, is targeting US$1.45bn price tag for the carrier.
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- June 4 2024
Hans Vranken takes over as Axa Korea CEO
Vranken has over 18 years of experience in financial services and insurance industry across Madrid, Tokyo, Belgium under Axa Group.
