Country: Korea Page 1 / 2
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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.
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- May 15 2024
Korean insurers may face bigger corporate tax bill this year due to IFRS: report
The implementation of IFRS 17 means that the amount of cash surrender reserves recognised as expenses has surged by trillions of won per annum, according to a local report.
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- April 25 2024
Woori Finance enters race for Korea’s Lotte Insurance: report
The non-life carrier's private equity owner JKL Partners is looking to sell 77% stake in the company for a targeted US$1.45bn.
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- April 18 2024
Korea to provide US$5bn trade cover for defence exports
South Korea has emerged as a leading exporter of defence systems over the past few years with several billion-dollar export deals for fighter jets, armoured vehicles and missile interceptors.
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- April 8 2024
Samsung Fire & Marine quits bancassurance as sales flag: report
The move from savings to protection products have made the banking channel less attractive non-life carriers in Korea, especially since the introduction of IFRS17.
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- April 3 2024
APAC markets see stable renewals on ample capacity, reinsurer appetite: brokers
The supply-demand dynamics have shifted in favour of reinsurance buyers in the April renewals, leading to better pricing and easing of market conditions across Japan, India, Korea, the Philippines and China.
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- March 27 2024
Korean carriers turn around underwriting results with US$6.2bn insurance income
Even with a 70% drop in investment profit, the country’s non-life insurers posted a 51% increase in net income in 2023.
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- March 25 2024
Axa Korea appoints Hans Vranken as CEO: report
The former chief executive of Axa Japan is expected to formally take office on June 1, according to local media reports.
