Country: South Korea Page 1 / 29
-
- May 15 2025
South Korean insurers see steep solvency decline amid rising liabilities: reports
Insurance Financial Solvency Ratio for non-life insurers dropped by 16% percentage points quarter on quarter to 211%.
-
- May 15 2025
Vietnam’s PVI partners South Korea’s EGI for engineering guarantee insurance foray
Cooperation aims to create favourable conditions for South Korean construction enterprises to participate in infrastructure projects in Vietnam.
-
- May 13 2025
Korea’s FSC to establish bridge insurer for MG Non-Life reorganisation: report
Temporary insurer will be funded by Korea Deposit Insurance Corporation to manage the troubled carrier's insurance contracts and transfer to other non-life carriers.
-
- May 13 2025
Lotte Insurance plans capital raise as it postpones US$64m bond redemption: reports
Carrier's plans to exercise a call option ran into opposition from regulator FSS due to low capital ratio.
-
- May 12 2025
Korea P&I club gets rating outlook downgrade as 2024 COR climbs to 204%: AM Best
Rating agency has revised the outlook to negative from stable and affirmed the financial strength rating of B++ (Good) and the long-term ICR of bbb+ (Good) of the club.
-
- May 12 2025
Lotte Insurance faces regulatory block on US$64.2m bond redemption amid capital concerns
Under the current supervisory regulations, early redemption is only allowed if the solvency ratio K-ICS remains above 150% after redemption but South Korea's financial regulator estimates the ratio would drop to 127.4% following the redemption.
-
- May 7 2025
Korean non-life carriers’ overseas branches see net income surge to US$95m
Increase attributed to base effect of natural catastrophes in 2023, including Typhoon Mawar in Guam and a wildfire in Hawaii.
-
- May 6 2025
South Korea allocates record US$1.38bn for unprecedented Yeongnam forest fires
Total damage has been estimated at KRW1.818 trillion (US$1.32 billion), marking the most severe forest fire incident since records began.
-
- April 30 2025
Exclusive: BMS to shut down South Korea, Japan offices
Market sources tell IAN that most of the staff working in both offices of the M&A specialist broker will be let go.
-
- April 28 2025
Hanwha General Insurance to acquire 98.3% of Carrot Insurance: report
The deal will secure the general insurer management rights to the struggling digital insurance startup.
-
- April 23 2025
Korean regulators may transfer MG Non-Life insurance contracts: reports
Samsung Fire & Marine, DB, KB, Hyundai Marine & Fire and Meritz Fire & Marine are reviewing a plan to form a joint due diligence corporation to takeover the struggling insurer's policies.
-
- April 21 2025
South Korea to expand insurance coverage for uninsured crops following wildfires: report
Government plan to introduce US-style disaster guarantee system for small farmers and forest crops.
-
- April 14 2025
Insurance claims from South Korea wildfires near 5,000, mostly for crops: report
Insurers have paid out at least US$131,800, while assessing damage for crop-related claims is expected to take time.
-
- April 10 2025
US tariffs may slow premium growth in trade-related P&C lines, raise claim costs: Moody’s
Supply chain disruptions and lower trade volumes could significantly reduce insurance demand for certain lines in Asia like marine cargo and credit.
-
- April 10 2025
With wildfires becoming more intense, damaging and frequent, insurers eye new approaches to coverage
Events in South Korea and Japan highlight the rising threat of wildfire risks in areas and nations where they have traditionally been seen as a non-peak peril.
-
- April 9 2025
Carrot Insurance considering merger with parent Hanwha amid financial troubles
The digital carrier CEO Moon Hyo-il reportedly told employees that they are reviewing a capital increase and a merger with its parent.
-
- April 1 2025
Korean broker Wise boosts reinsurance team with Drew Yoo appointment
He previously worked for HIS Korea for over three and a half years as a treaty broker.
-
- April 1 2025
South Korea wildfire claims to ‘pour in’, Japan to see minimum insured losses
Some 48,000 hectares were burned in South Korea, with just over 1,000 hectares impacted in two Japanese prefectures.
-
- March 31 2025
South Korea’s new capital requirements to reduce insurers’ burden, enhance quality: Fitch
Introduction of a mandatory core capital ratio requirement will tighten the quality of capital that insurers hold.
-
- March 27 2025
‘Damages snowballing’ as Korea’s worst-ever wildfire rages on
The fire in the country's southeastern Gyeongsang province has burned through more than 36,000 hectares as death toll rose to 27, destroyed hundreds of structures and affected multiple cities and towns.
