Korea
Luxury import cars drive South Korean non-life premiums in 2020
Top general insurers had $16.82b in premiums through credit cards in 2020.
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.
Pandemic heightens Korean life insurers' asset risk
The average negative spread widened to 0.85% in H1 2019.
Low interest rate environment threatens South Korean life insurers' profits: report
Premium growth is suppressed by a weak economy and reduction of sales.
Insurance payments for migrant workers in Korea surged 75% to $349.61m in 2018
Korean law requires all foreign workers, especially those with E9 or H2 visa, to be insured.
Korea to tighten health insurance for expats
Foreigners with delayed insurance payments will face visa-related penalties by May.
Korea cracks down on third-party agent selling
The move will enhance transparency and reduce risk of mis-selling.
Samsung Life in talks to buy 20% stake in Bao Viet Life: report
The move comes after the Vietnamese government’s plan to privatise SOEs.
Korean life insurers hit by short-term pain in shift towards protection products
Savings type products require higher capital charges and offer less attractive margins.
South Korea insurance profits down 7.4% to $6.5b in 2018
Earnings from non-life insurers worsened as car losses rose.
Regulatory tightening fails to cripple South Korean non-life insurers surplus growth
Strong exposure to long-term saving and protection is expected to boost VNB.
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1. India's life insurance growth slows to 10.6% in October 2. South Korean insurers brace for profit squeeze amidst rate cuts 3. bolttech secures $50m venture debt from HSBC, expands market 4. Life insurance premiums forecast to grow by 3% yearly until 2026 5. Prudential launches AI lab in SingaporeResource Center
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Humans need to be in insurance’s genAI loop
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Insurance
Employees still need to interpret AI-generated data and make decisions to minimise risks.
Employees still need to interpret AI-generated data and make decisions to minimise risks.
