Country: South Korea Page 3 / 28
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- October 2 2024
Reinsurers’ risk insights, modelling vital to taming escalating nat cat losses: Swiss Re
Besides providing capacity, the reinsurer's expertise and insights on risks related to climate change and renewable energy are key to its collaboration with insurers in limiting nat cat losses, says Victor Kuk.
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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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- September 9 2024
DB Insurance to benefit from strong internal capital generation: AM Best
The rating agency has affirmed the Korean non-life insurer's “A+” (superior) financial strength rating and "stable" outlook.
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- September 2 2024
Korean carriers report H1 2024 12.2% net income increase to US$4.3bn
Non-life premium income for the first half of 2024 increased 4.3% from a year ago to US$45.7bn, according to the Financial Supervisory Service data.
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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 26 2024
Underwriting restructuring to help Korea P&I withstand severe losses: AM Best
The rating agency has affirmed the carrier's rating of B++ (good) with a stable outlook, driven by a strong balance sheet, adequate operating performance and the wide range of support it receives from the South Korean government.
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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 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
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
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 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
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 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.
