South Korea
About 84% of foreign students in S.K. dissatisfied with national health insurance system
The reason was due to higher contributions required versus private insurers.
About 84% of foreign students in S.K. dissatisfied with national health insurance system
The reason was due to higher contributions required versus private insurers.
Capital pressures linger as insurers adopt new accounting rule in South Korea
IFRS 17 adoption is seen to improve insight into margins and reserves, increase motivation for long-term profitability, and better global comparability for insurers.
S.K.’s FSC raises KRW73.8t in policy funds for venture capital in FIs
This exceeded the initial supply plan of 66.7% by August and achieved 80.4% of the annual target.
Korean Re’s 1H23 earnings surge to KRW269b
Korean Re started reporting quarterly results based on IFRS 17 and IFRS 9.Â
Korea’s foreigners face tighter insurance requirements: Report
Non-nationals will qualify for health insurance if their stay is at least six months.
South Korea’s life insurance industry to exceed $190b by 2027: GlobalData
One of the driving factors is South Korea’s shrinking ageing population.
H1 profits of Samsung Fire & Marine climb nearly a third from last year’s
It climbed 27.4% to KRW1.2t.
KB Financial sustains H1 performance, driven by interest income growth
Its insurance units saw mixed results.
Insurers need to reevaluate policies for EVs: Korean Re
Insured electronic vehicles accounted for 0.9% of total insured motor insurance policies in 2022.
Korea eases rules on overseas ownership; insurers can acquire banks
Insurers can invest in foreign financial and non-financial companies within regulatory boundaries.
Hanwha General Insurance to weather interest rates, start-up woes: report
Hanwha General Insurance also showed a strong balance sheet performance.
South Korea approves recovery plans of Korea Deposit Insurance Corporation
The plans of 10 D-SIFIs (2023) align with international standards and recommendations from the FSB.
SK’s regulators to return KRW12.4t worth of unclaimed insurance funds
The sector is also planning to shorten the transfer process to KINFA by one year.
Korean reinsurance jumps 15.3% in 2022
There is higher demand for reinsurance and co-insurance, Korea Re said.
Kyobo Life CEO awarded the 2023 Insurance Hall of Fame
Kyobo Life chairman and CEO Dr. Shin is the award’s first legacy inductee.
S.Korea insurance industry to see 4.7% jump in GWP in 2027
This is due to a regulatory proposal to deregulate digital insurance innovations.
South Korea reviews allowing insurers to conduct banking operations
A task force was formed to look into this.
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Outdated systems cause data breaches, dragging the Philippine insurance market’s growth potential
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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.
