Country: South Korea Page 3 / 25
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- April 23 2024
Asia warming faster than global average, hit by 79 weather-related disasters in 2023: WMO
Floods and storms are causing the highest number of reported casualties and economic losses, whilst the impact of heatwaves became more severe, according to a report from the UN climate agency.
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- April 23 2024
Korean insurers remain resilient to overseas commercial real estate deterioration: Fitch
A steady increase in the release of contractual service margins, driven by sound underwriting performance, will continue to support Korean insurers’ profitability despite volatility in their investment returns, Fitch said.
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- April 18 2024
Exit-bound Lotte Insurance owner shopping for overseas private equity buyers: report
South Korea’s JKL Partners is reportedly in talks with JC Flowers to sell the Korean non-life carrier in a sale process run by JPMorgan.ts valuation.
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- March 28 2024
1.4: South Korean cedents to see single-digit rating increases
While the market has yet to fully recover from the past years’ big industrial and cat losses, reinsurers are comfortable with where the rates, terms and conditions are now.
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- March 26 2024
Korea unveils US$190m trade insurance fund to promote exports
The fund will “drastically improve the terms regarding recipient eligibility" and benefit a wide range of sectors ranging from shipbuilding, petrochem to K-pop.
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- March 22 2024
Exclusive: Hyundai Insurance and Korea P&I Club on hook after Keoyoung Sun tanker sinks off Japan coast
A total hull loss is expected for the vessel insured at U$S2.25 million and there is no estimate for the cargo loss yet, industry sources say.
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- March 11 2024
Overseas premium of Korea’s four major non-life insurers surpasses trillion-won milestone in 2023: report
The country’s big four have doubled their international business in the last five years led by DB Insurance, which accounts for 50% of the overseas premium.
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- March 6 2024
Analytics: Motor results shore up Korean majors’ FY23 underwriting performance
While the carriers have seen strong premium growth in the past year, their long-term and commercial businesses' underwriting returns remain under pressure and weighed on overall results.
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- March 1 2024
Korean Re Switzerland promotes Michael Hinz to CEO
Currently as chief underwriting officer, Hinz will succeed incumbent Markus Eugster who is stepping down after more than five years with the reinsurer.
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- March 1 2024
Aon shakes up Asia leadership with three expanded regional roles
Singapore CEO Andrew Minnitt has been put in charge of Singapore, Malaysia and Indonesia, while the Philippines head Darren Oliver will lead the Philippines, Thailand and Vietnam and commercial risk solutions head Tracy-Lee Kus will take charge as head of Japan and Korea.
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- February 28 2024
Aon names Tracy-Lee Kus as head of North Asia
Singapore-based Kus will assume the new role in addition to her current position of head of commercial risk solutions, Asia Pacific.
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- February 26 2024
Hyundai Insurance’s FY 2023 underwriting income slumps 61% to US$395.2m
The Korean carrier's results took a hit from a 77.2% reduction in the underwriting income of long-term business and an 18% dip in commercial lines.
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- February 23 2024
DB Insurance underwriting profit drops 22.7% to US$1.1bn
Commercial lines, which the carrier plans to revitalise through a profit-based sales system, reinsurance program optimisation and overseas expansion, reported a loss with the COR at 109.5%.
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- February 22 2024
Samsung Fire & Marine FY 2023 insurance profit up 18.6% at US$1.5bn
South Korea’s largest carrier charts overseas expansion plans for its P&C lines, which saw its insurance profit grow 112% year-on-year.
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- February 15 2024
Korea’s Lotte Insurance records highest full year profit since inception
The non-life insurer's provisional full-year operating profit tripled from a year ago to US$350.5m, thanks in part to its strong growth in long-term business.
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- February 14 2024
WTW strengthens Korea, Vietnam offerings with co-brokerage deal
The broker has signed an arrangement with New York-based Solomon Agency to provide insurance solutions to North American exposures of companies headquartered in the region.
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- January 30 2024
Seoul Guarantee Insurance’s parent revisits IPO plan after failing to impress investors last year: report
KDIC, the state-run parent of the Korean guarantee insurer, has made a first step towards relaunching an IPO, which was shelved in late 2023.
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- January 22 2024
NorthStandard to open Korea office as it expands APAC presence
The Seoul office will be operational from late spring 2024 and will initially be staffed by Shang Doe Shim, a claims director currently based in the club’s Singapore office.
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- January 3 2024
Korea’s FSC expands eligibility and scope of joint underwriting agreement on fire insurance
The polices can now cover damage resulting from natural disasters, building collapse, and leaks from water supply or drainage systems, as desired by the policyholder.
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- January 2 2024
Korea non-life market to rebound in 2024 with GWP set to cross US$100bn mark: Korean Re
Growth is likely to be supported by casualty lines of business, especially liability, amid increased awareness of the importance of corporate liability protection and the expansion of compulsory insurance.
