South Korea
Korea’s non-life insurers face capital pressure and slow auto segment growth
Korea’s non-life insurers face capital pressure and slow auto segment growth
Regulatory changes are posing a burden on the insurers’ solvency.
South Korean insurers post $159m overseas profit in 2024
Asian operations posted a YoY decline in net income of $16.3m.
South Korean insurers bag $10b in profits for 2024
The increase was mainly driven by higher investment income across life and non-life.
Hanwha Life Insurance outlook revised on stronger profitability
This reflects improved product mix, strong distribution via its subsidiary.
South Korea insurance capital dips to $1.81t in Q4
Under transitional measures, the industry-wide K-ICS ratio dropped to 206.7%.
Pacific Life Re appoints Kenichi Kim as head of South Korea
He has more than 15 years of experience in financial services and reinsurance.
S&P says insurers can absorb South Korea wildfire losses
The fire was the worst on record since 1987.
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.
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