News

Insurance

Staff Reporter

, Korea

Published:

3 years ago

South Korean insurers faced financial decay in Q1

Risk-based capital ratio declined 2.4pp to 267.2% in March.

South Korean insurers saw their financial health decay slightly in Q1 as share prices dragged down capital, reports Yonhap News Agency.

The risk-based capital (RBC) ratios of insurers stood at 267.2% at end-March, 2.4pp lower from three months earlier, data from the Financial Supervisory Service (FSS) showed. The RBC ratio measures an insurer's ability to absorb losses and pay insurance money to policyholders.

The RBC ratio for insurance firms fell 3.4pp QoQ to 281.2%, with the figure for non-life insurers rising 0.4pp to 241.9%.

Local insurers are required to maintain the ratio at 100% or above whilst the regulator advises to have ratios of 150% or higher.

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