Korean Re

Whilst there is a growing demand for pet insurance in Korea, only 11.9% of households with pets availed of insurance.

Regulatory changes prompt tax benefits to rise and the government to support overseas expansion.

S&P hints at better assessments if Korean Re sustains strong performance and market leadership.

Michael Hinz will begin his role on 1 July, whilst current CEO Markus Eugster will step down at his request.

Non-life market to beat life sector in premium volume.

This revision aligns with the compulsory fire insurance requirement in Korea.

CAGR from 2016 to 2022 reached 8.6%.

AM Best foresees a notable reduction in KRE's underwriting risk in 2023 due to the planned portfolio restructuring, which aims to offload unprofitable business, especially in the domestic personal line. 

Korean Re started reporting quarterly results based on IFRS 17 and IFRS 9. 

Aggregate profits of Korean insurers saw a 34.9% surge in 2022.

This was boosted by the agricultural and fishery disaster insurance scheme.

The number of insured EVs tripled from 2018 to 2021.

The S.Korea reinsurarer’s premiums stood at $7.78b last year.