Premium hikes to help Korea’s P&C firmsNovember 6 2018 by InsuranceAsia News Staff
Korea’s non-life insurance firms’ underwriting profits are forecast to improve during the next 12 months after premium hikes announced by the regulator in September 2018 and the cooling-down of competition in long-tail business lines, according to a new market segment report on Korea from AM Best.
However, the overall market is facing increased top-line pressures and tightening regulations.
In terms of underwriting performance, the market’s overall combined ratio has faced two offsetting trends in the past four years: a decreasing loss ratio, mainly due to premium hikes in the long-tail and motor insurance lines, and an increasing expense ratio as a result of heightened competition in long-tail business.
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A strong performance in the region is expected over the next 18 months as global premiums top US$5 trillion.