Country: South Korea Page 5 / 31
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- November 27 2024
Japanese, Korean trade insurers face US$100m+ exposure in Northvolt bankruptcy: report
The government-owned credit guarantee agencies NEXI and K-Sure had covered loans to the Swedish battery maker that filed for a Chapter 11 reorganisation in the US.
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- November 21 2024
Seoul Guarantee Insurance could see decline in underwriting performance on a rise in paid claims: Fitch
The rating agency has affirmed SGI’s rating at 'AA-' (very strong) with a stable outlook taking into account its strong capitalisation, financial performance, and the support it receives from the government.
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- November 15 2024
Emerging capital standards to increase Korea, HK and Taiwan insurance consolidation: Fitch Ratings
Regulators in the Asia Pacific region are upgrading existing solvency frameworks with a growing emphasis on aligning with ICS, IFRS 17 and other global regimes.
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- November 15 2024
South Korea’s non-life insurance outlook stable on new regulations, strong P&C, motor results: AM Best
In terms of challenges faced by the segment, AM Best highlighted slower expansion of auto insurance owing to recent rate cuts and sluggish growth in motor vehicle registrations as a key factor.
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- November 12 2024
AIG Korea takes Aon’s Han Bit Kim as financial lines underwriter
Seoul-based Kim was most recently manager for the broker focused on the dynamics of large complex insurance policies.
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- November 1 2024
KB Insurance sees growth in capital and surplus: AM Best
The rating agency has affirmed the financial strength rating of A (excellent)for the South Korean carrier with a stable outlook.
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- October 29 2024
South Korea’s Construction Guarantee faces stress from growing claims, 2023 COR at 125.36%: Fitch
The ratings agency has affirmed the cooperative surety insurer's financial strength rating at A (strong), with a stable outlook.
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- October 21 2024
Starr Insurance receives regulatory nod for Seoul branch
The carrier's new branch will be led by Aon veterean Paul Choi and it will offer commercial P&C products across Korea.
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- October 21 2024
South Korea’s Construction Guarantee members facing liquidity pressure: AM Best
The rating agency has downgraded the surety underwriter's outlook to negative from stable while affirming its rating at A+ (superior).
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- October 11 2024
Samsung Fire’s stable underwriting, low COR to help maintain market leadership: AM Best
The rating agency has affirmed the insurer's financial strength rating of A++ (superior).
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- October 8 2024
Seoul Guarantee Insurance’s H1 loss ratios worsen as claims surge: report
Total claims paid out in the first six months reached nearly US$400m, an all-time high, and is expected to nearly double by the end of 2024.
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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.
