South Korea
Construction Guarantee’s focus on public projects mitigates economic risks
CG's regulatory capital ratio improved to 225% in 2023.
2 days ago
Construction Guarantee’s focus on public projects mitigates economic risks
CG's regulatory capital ratio improved to 225% in 2023.
2 days ago
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%.
5 days ago
South Korean insurers brace for profit squeeze amidst rate cuts
Direct premiums from long-term products contributed to a 3.7% increase in 2023.
5 days ago
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.
Hanwha Life strengthens leverage post-debt redemption
The insurer’s solvency capital ratio under K-ICS was 183.8% in 2023
Tong Yang Life's profit prospects strong under new ownership
Woori FG is supported by Woori Bank, one of Korea’s domestic systemically important banks.
South Korea’s insurers bag $7b in earnings for H1 2024
This was equivalent to a 2.8% YoY rise.
KakaoPay Insurance hits 1.5m travel insurance enrollments
It has integrated its services through KakaoTalk, which has over 41 million users.
Korea P&I Club's conservative investments support stability
KP&I has implemented general premium increases.
S. Korea’s top 5 insurers generate 32.1% of production value
Industry turnover reached $48.3b in 2023.
Hanwha General should bolster its digital non-life subsidiary
HGI reported a consolidated ROE of 6.5% in 2023.
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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.
