South Korea
Korean Re's focus on profitable lines boosts outlook
Korean Re's focus on profitable lines boosts outlook
It’s operating performance remains adequate, with an ROE of 9.5%.
3 days ago
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.
Government backing ensures Korea Trade Insurance's solvency
Moody's views government support as near-certain, given K-SURE’s designation as a public institution.
South Korea’s general insurance sector to hit $33.3b by 2029
Liability insurance, the second-largest segment, is expected to expand by 12.2% in 2024.
Construction Guarantee’s focus on public projects mitigates economic risks
CG's regulatory capital ratio improved to 225% in 2023.
CI Guarantee stands strong with solid capital buffer
The return on equity rose to 3.1% in 2023, higher than the 2021-2023 average of 2.7%.
South Korean insurers brace for profit squeeze amidst rate cuts
Direct premiums from long-term products contributed to a 3.7% increase in 2023.
KB Insurance stability supported by strong CSM in long-term plans
Interest income is a key driver of investment profit.
Construction Guarantee faces profit pressure amidst prolonged construction downturn
A notable rise in guarantee claims payments and reserves is expected to keep claims levels elevated.
Ageing population to drive insurance take-up in South Korea
For 2025, $167.1b in direct written premiums are expected to be amassed by insurers.
Institute calls for improved coverage for mental health
Patients suffering from depression increased by 35% from 2017 to 2021.
IFRS 17 pushes Korean insurers towards lower-risk products
S&P notes that insurers have been preparing by investing in long-dated bonds.
Kyobo Life reports $6b gross premiums in H1 2024
However, investment profits dropped 41.4% QoQ.
DB Insurance’s capital to remain resilient amidst hostile environment
Its operating performance is supported by its underwriting performance.
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