South Korea

Korea’s new capital rules reduce insurers' capital burden

Under the revision, capital adequacy benchmark will be lowered to 130% to 140%.

FSC approves Samsung Fire & Marine integration under Samsung Life: Report

Insurers holding more than 15% shares must integrate the company as a subsidiary.

Kyobo Life’s stable outlook holds despite mounting liabilities: Fitch Ratings

Fitch also expects Kyobo Life's capital adequacy to recover.

KB Insurance earnings up 9.1% to $6b in FY 2024

Thanks to higher revenues, which increased 3.8% YoY.

South Korea’s life insurance market to bag $158b through 2029

The industry is projected to recover in 2024 after a decline in 2023. 

South Korea's insurance industry to hit $191.2b by 2029

This year, the industry is expected to grow by 2.2%.

South Korea increases foreign exchange insurance to KRW1.4t

The government will provide $248b in policy financing to exporting companies.

South Korean insurers face $62m from LA wildfire losses

DB Insurance holds 37 active policies in the affected regions.

Capital adequacy ratio of S. Korean insurers increased end-September ‘24

When transitional measures were excluded, the ratio stood at 202.7%.

New reinsurers enter Korea’s property treaty market, says Gallagher Re

Competition was more intense for excess of loss placements compared to pro rata.

South Korean insurers bag $80b in premiums for H1 2024

Net income of all insurers for H1 2024 amounted to $6.49b.

Korean Re's focus on profitable lines boosts outlook

It’s operating performance remains adequate, with an ROE of 9.5%.

AM Best affirms Meritz's outlook as stable

Its balance sheet strength is bolstered by its solid financial flexibility.

Samsung Fire's Q3 net profit rises 13.7% YoY

Meanwhile, insurance profit dipped 7.7% YoY.

South Korea's insurance industry to reach $191.2b in 2029 with 3.4% CAGR

The life insurance and pension segment accounted for 84% of premiums in 2024. 

NongHyup P&C Insurance benefits from NACF’s support

Its capital and surplus saw significant growth in 2023 due to IFRS 17 adoption.