Country: South Korea Page 2 / 25
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- August 12 2024
Meritz Fire enters fray for MG Non-Life Insurance: report
Private equity firms Dayli Partners and JC Flowers are the other two existing bidders in the race.
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- August 5 2024
South Korean digital carrier Carrot gets exclusive rights to use behavioural-based motor insurance
Motor insurance, sold by 12 general insurers in Korea, is typically standardised with minimal differentiation, and therefore, exclusive rights are rare.
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- July 19 2024
Hyundai Marine & Fire Insurance’s long-term line results to improve: AM Best
The rating agency has affirmed the carrier's financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) with a stable outlook.
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- July 19 2024
South Korea’s MG Non-Life insurance gets no bidder third time in a row
Private equity firms JC Flowers and Dayli Partners, which participated in the preliminary bid in April and conducted due diligence on it, have dropped out of the deal.
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- July 19 2024
South Korea’s ‘heaviest-in-200-years’ rain to lead to motor, crop losses
The event is likely to see reinsurers introduce coverage limits for parking lots and trigger pay-outs from the government’s agricultural and fishery disaster reinsurance program.
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- July 18 2024
Virtual asset insurance to become mandatory in Korea from tomorrow
Local media reports suggest carriers are charging premiums ranging from 5% to 12%.
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- July 16 2024
Korea’s lithium fire sparks calls for global safety standards
Underwriting guidelines must consider various factors to price battery risks, including the quality of manufacture, testing and certification, and the separation and containment of units, especially in light of the Aricell factory fire.
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- July 2 2024
RGA, Tongyang Life ink first cross-jurisdictional coinsurance deal in Korea at US$144m
The deal, which will allow an RGA subsidiary to reinsure a US$144m block of life policies, is expected to help Tongyang Life respond to future interest rate volatility.
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- June 27 2024
Korean battery plant fire claims likely to leave reinsurers unscathed
The primary insurers, KB Insurance and DB Insurance, are expected to retain the losses from the blaze at the Aricell unit as property and liability claims are expected to be relatively low, InsuranceAsia News understands.
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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 17 2024
Allianz Korea elevates Jin Kim to head of natural resources and construction
Seoul-based Kim has been at the German insurance group for five years as a senior property underwriter.
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- June 13 2024
KFINCO vulnerable to cyclical construction sector, economy: Fitch
The ratings agency affirmed Korea Finance for Construction Insurance's financial strength rating at 'A' (strong), with a stable outlook.
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- June 6 2024
Korean regulator to review CSM metric targeting insurers’ profit inflation: report
The Financial Services Commission is considering changes to the amortisation method that insurers apply to contractual service margin (CSM), as some critics have argued it has allowed insurers to inflate short-term profits.
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- June 3 2024
Seoul Guarantee Insurance partners Asuransi Asei to grow Indonesian surety presence
The two insurers will explore new revenue models and establish joint underwriting and reinsurance plans for the surety and credit insurance markets.
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- May 27 2024
Tropical cyclone landfalls in East Asia set to be above-normal: Guy Carpenter
The western North Pacific region will likely see 19 to 21 tropical cyclone formations this year, which is near-normal activity, according to the reinsurance broker.
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- May 17 2024
Starr Insurance launches in Korea with Paul Choi in charge
Choi was formerly Aon Korea's chief broking officer and has been named CEO of the insurer's new branch in Seoul.
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- May 13 2024
Localised products key for W&I growth in ‘underserved’ north Asian markets
Domestic carriers in China and Korea could take cues from Japanese players to launch products that serve the needs of local clients.
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- May 6 2024
Asian insurance pricing moderates across lines but Japan, Taiwan, Philippines buck the trend: Marsh
Japan was the only Asian country that saw price increases in all lines of business, other cat-exposed markets like Taiwan, Philippines and Indonesia saw strong hikes in property classes but saw varying trends in other lines.
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- April 30 2024
Dual launches title insurance for real estate, M&A deals in select APAC markets
The MGA's new offering will focus on commercial property deals in Australia, New Zealand, Hong Kong, Singapore and M&A transactions will also extend to Japan and South Korea.
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- April 25 2024
South Korea mandates liability cover under new data, crypto regulations: Korean Re
The market, which was hit by US$555m in summer rainfall losses last year, is set to benefit from compulsory insurance norms and the local players will also see easing of overseas expansion regulations, a report by the reinsurer says.
