South Korea
Korea’s foreigners face tighter insurance requirements: Report
Non-nationals will qualify for health insurance if their stay is at least six months.
Korea’s foreigners face tighter insurance requirements: Report
Non-nationals will qualify for health insurance if their stay is at least six months.
South Korea’s life insurance industry to exceed $190b by 2027: GlobalData
One of the driving factors is South Korea’s shrinking ageing population.
H1 profits of Samsung Fire & Marine climb nearly a third from last year’s
It climbed 27.4% to KRW1.2t.
KB Financial sustains H1 performance, driven by interest income growth
Its insurance units saw mixed results.
Insurers need to reevaluate policies for EVs: Korean Re
Insured electronic vehicles accounted for 0.9% of total insured motor insurance policies in 2022.
Korea eases rules on overseas ownership; insurers can acquire banks
Insurers can invest in foreign financial and non-financial companies within regulatory boundaries.
Hanwha General Insurance to weather interest rates, start-up woes: report
Hanwha General Insurance also showed a strong balance sheet performance.
South Korea approves recovery plans of Korea Deposit Insurance Corporation
The plans of 10 D-SIFIs (2023) align with international standards and recommendations from the FSB.
SK’s regulators to return KRW12.4t worth of unclaimed insurance funds
The sector is also planning to shorten the transfer process to KINFA by one year.
Korean reinsurance jumps 15.3% in 2022
There is higher demand for reinsurance and co-insurance, Korea Re said.
Kyobo Life CEO awarded the 2023 Insurance Hall of Fame
Kyobo Life chairman and CEO Dr. Shin is the award’s first legacy inductee.
S.Korea insurance industry to see 4.7% jump in GWP in 2027
This is due to a regulatory proposal to deregulate digital insurance innovations.
South Korea reviews allowing insurers to conduct banking operations
A task force was formed to look into this.
FM Global receives an insurance license in South Korea
The firm is also a licensed reinsurer in the country.
Electric vehicles to drive motor insurance growth in South Korea
The number of insured EVs tripled from 2018 to 2021.
AXA denies rumours of exit in South Korea
The firm is the only foreign insurer in the auto insurance market of South Korea.Â
South Korea reinsurance industry to reach $11.9b in 2026
Climate change and regulatory developments continue to be their drivers.
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1. 25% of employers to enhance insurance coverage in the next two years 2. Allianz Partners collaborates with MoneyHero for travel insurance 3. Natural disasters steer Asia Pacific towards parametric insurance 4. AXA Mandiri’s Shariah insurance fosters mutual assistance amongst participants 5. Management addresses market demands at Jefferies callAwards
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09
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