Korea
Korean insurers are likely to keep fidgeting business mix amidst K-ICS implementation
K-ICS ratio without applying transitional measures stood at 192.7% at the end of the first quarter of 2023.
Korean insurers are likely to keep fidgeting business mix amidst K-ICS implementation
K-ICS ratio without applying transitional measures stood at 192.7% at the end of the first quarter of 2023.
Hyundai Insurance underwriting dips in H1 ‘23
Its net income also saw a 15.8% contraction to KRW578b.
Korea P&I Club’s maritime relationships keep strong domestic presence – AM Best
Underwriting performance is also seen to improve in the next few years.
Chubb announces country president for Korea segment
Janice (Jae-Kyung) Mo will be succeeding Edward Kopp.
More Korean insurers expanding overseas: FSS
Aggregate profits of Korean insurers saw a 34.9% surge in 2022.
Agricultural households covered skyrockets in 2022 vs 2010: Korea Re
This was boosted by the agricultural and fishery disaster insurance scheme.
Korean insurers see 2022 profit surge 11.1%
The Korean insurance market is expected to grow by 2.1% in 2023.
Digital transformation to improve Korean insurance
Analysts, however, warn that this may increase competitive pressure.
South Korean insurers' RBC ratio falls to 256% in Q1 2021
The decline came as a hike in bond yields incurred valuation losses from bond investments.
Luxury import cars drive South Korean non-life premiums in 2020
Top general insurers had $16.82b in premiums through credit cards in 2020.
South Korean insurer lending rose 7.8% in 2020
Outstanding loans totaled $224.4b as of end-December.
South Korean insurers' net profit jump 13.9% in 2020
This was partly attributed to lower car accidents during the pandemic.
Hanwha Life to keep near-term capital strength despite low rates
There is enough buffer to resist volatile assets and support growth.
South Korea opens consultation on short-term insurance policies
Revisions include a $1.8m minimum capital requirement for insurers offering such plans.
Coinsurance to alter Korean insurers' capital efforts
It would be more benefitting for the life segment.
South Korea to expand employment insurance by 2025
It aims to protect gig workers not directly employed by companies.
South Korean insurers faced financial decay in Q1
Risk-based capital ratio declined 2.4pp to 267.2% in March.
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Outdated systems cause data breaches, dragging the Philippine insurance market’s growth potential
![Outdated systems cause data breaches, dragging the Philippine insurance market’s growth potential]()
Insurance
Insurance experts warn of poor systems leading to the disruption of digital adoption, whilst partnership opportunities could boost growth.
Insurance experts warn of poor systems leading to the disruption of digital adoption, whilst partnership opportunities could boost growth.
