Country: South Korea Page 5 / 25
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- September 26 2023
Korean non-life premiums to grow 4.4% to US$94bn in 2023: Korean Re
The growth will be supported P&C lines including liability and fire with overall premiums expected at rise 7%, the reinsurer said.
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- September 26 2023
Lotte Insurance’s private equity owner to kick off sale process: report
Majority owner JKL Partners has scripted a turnaround for the carrier since a 2019 purchase, but buyers have concerns over whether the robust earnings of carriers under IFRS17 are sustainable.
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- September 22 2023
AM Best affirms Samsung Fire’s rating with its long-term insurance business driving profits
The carrier’s Indonesian subsidiary Samsung Tugu reported a five-year average combined ratio of 57%, the rating agency noted.
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- September 7 2023
Seoul Guarantee Insurance plans Hong Kong, Singapore IPO roadshows
The state-owned insurer plans to hold domestic and international investor meeting till the middle of next month for listing as early as November.
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- September 1 2023
Despite dipping asset quality, EGI profitability to remain intact: Moody’s
Moody’s has assigned A3 rating to the Korean cooperative and specialist insurer with a stable outlook.
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- August 29 2023
MG Non-life sale process resumed, sets October 5 deadline for letters of intent: report
The Korea Deposit Insurance Corporation has kicked off its second attempt to sell the beleaguered general insurer following the dismissal of a lawsuit by the largest shareholder.
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- August 24 2023
Seoul Guarantee Insurance passes Korea Stock Exchange IPO screening
The initial public offering, the first by a Korean state-owned company in 13 years, is expected to be completed by the end of October this year.
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- August 21 2023
Hyundai Insurance’s H1 underwriting income drops 30%
The Korean carrier's total direct premiums grew 4.21% year-on-year to US$6.25bn in the first six months of the year.
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- August 18 2023
Court upholds MG Non-Life insolvent status, sale process to continue
With the majority shareholder JC Partners losing the case, state-owned KDIC is likely to resume the sale by the end of this month.
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- August 18 2023
AM Best expects Korea P&I Club’s ‘underwriting fundamentals’ to improve; affirms ratings
After a difficult few years, the Korean carrier has been taking action such as premium increases, the non-renewal of unprofitable policies and enhancing terms.
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- August 17 2023
Chubb announces new country heads for Japan, Korea
Edward Kopp has been named regional president for the Far East and country president, Japan, and Janice Mo takes over as country president for Korea.
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- August 16 2023
Hawaii wildfire insured property losses to hit US$3.2bn: KCC
Tokio Marine, DB Insurance and MS&AD have exposure to the state's 'most destructive' ever fire, which has burned over 2,200 structures in the historic town of Lahaina.
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- August 16 2023
DB Insurance underwriting profit drops 2.4% to US$681m
The carrier's direct written premiums increase 6.6% year-on-year to KRW8.4tn in the first half of 2023.
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- August 15 2023
Samsung Fire & Marine H1 insurance profit up 19.5% at US$950m
The South Korean carrier’s net profit for the first half of 2023 grew 27.4%, buoyed by investment profits.
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- August 15 2023
Tokio Marine, DB and MS&AD face losses from devastating Hawaii wildfires
The catastrophe is likely to lead to hundreds of millions of dollars of claims as overall costs climb to US$6bn.
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- August 15 2023
KB Insurance H1 2023 underwriting profit at US$400m
The Korean P&C carrier's direct written premiums for the period increased 4% year-on-year to KRW6.4tn.
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- August 7 2023
AM Best upgrades DB Insurance’s rating to A+ as underwriting ‘outperforms’ peers
DBI is South Korea's third-largest non-life insurer with a market share of around 17% of GWP in 2022.
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- August 4 2023
Vesttoo scandal contagion to curtail Asia business
The fallout is unlikely to affect Asia cedents but could create capacity constraints for MGAs and reputational damage in the insurtech and ILS spaces.
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- August 3 2023
Mixed picture for Asia’s P&C markets in Q2 as overall composite pricing flattens: Marsh
Hong Kong led the way in overall composite rate reductions at minus 6.6% and Taiwan climbed the highest at plus 24%.
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- August 1 2023
Axa XL bolsters north Asia marine team with two senior promotions
Shirley Kwok has been promoted to head of marine cargo, North Asia, with Gary Tin elevated to senior underwriter.
