Country: South Korea Page 2 / 26
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- August 26 2024
South Korean government pushes ahead with EV battery certification scheme: report
Set to launch in October, the certification scheme seeks to alleviate growing public concerns about lethal fires caused by EV lithium batteries, as insurers are reviewing their existing motor policies to gauge the potential losses in their books.
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- August 19 2024
MG Non-Life sale called off after failed fourth attempt: report
KDIC said that it will pursue a private sale in the future after rejecting bids from three players including Meritz Fire and Marine.
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- August 15 2024
FM appoints Sung Jun Kwon as Korea branch manager
Seoul-based Kwon joined the commerical property specialist as senior business development executive last year from Aon Korea.
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- August 15 2024
Hyundai Insurance’s H1 2024 underwriting income up 118% to US$670m
This was largely because of good results in long-term and commercial business despite motor underwriting income down 45% in the first six months of the year.
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- August 14 2024
Samsung Fire & Marine H1 insurance profit down 5% at US$880m
The South Korean carrier’s net profit for the first six months of 2024 still rose 8.2% from a year ago, supported by strong growth in investment profits.
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- August 14 2024
KDIC revives Seoul Guarantee Insurance’s listing plans: report
The state-run parent of the Korean guarantee insurer announced that it has filed for a preliminary IPO review on the Korea Exchange.
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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.
