South Korea
Samsung Fire & Marine halts bancassurance after 20 years: Report
The FSC reports a 15% decline in bancassurance income for Korean non-life insurers.
Samsung Fire & Marine halts bancassurance after 20 years: Report
The FSC reports a 15% decline in bancassurance income for Korean non-life insurers.
South Korea eyes more investments in trade insurance
South Korea's exports have shown strong performance since the beginning of 2024.
DB Insurance to keep competitive spot in Korea’s market – S&P Global
DBI's assessment could be dragged if its consolidated capital position deteriorates significantly.
Hanwha Life Insurance’s capital adequacy is expected to surge under K-IFRS 17
S&P Global Ratings anticipate sustained capital bolstering over two years due to HLI's strategic risk management.
Korean Re faces downgrade risk amid shifting market dynamics
S&P hints at better assessments if Korean Re sustains strong performance and market leadership.
South Korea joins multilateral agreement for strengthened financial regulation
The committee consists of capital market supervisors and regulators from 22 countries in the region.
Korean Re Switzerland elevates CUO to CEO
Michael Hinz will begin his role on 1 July, whilst current CEO Markus Eugster will step down at his request.
Long-term insurance drives Samsung Fire & Marine’s 2023 profit growth
Revenues climbed 6.9% for the year.
IFRS 17, K-ICS weakens average solvency ratio
The adoption of K-ICS drove operational strategies of Korean insurers to focus on expanding sales of protection-type products with high profitability.
S. Korea’s FSC proposes corporate governance revision for financial firms
The revisions include the adoption of responsibilities maps and management of internal control duties by executive officers.
Motor insurance segment in S. Korea to exceed $19b by 2028: GlobalData
Healthy loss ratio driven by lower claims will assist insurers in re-assessing their risk exposure.
Seoul Guarantee Insurance IPO could resurface: Report
After a failed attempt last year from weak demand, it hopes to recover part of its public funds injected during the 1998 forex crisis.
NorthStandard expands S. Korea presence, boosts regional network
It also plans to recruit local experts familiar with the Korean shipping market.
South Korea’s insurers register better capital adequacy ratio Q3’23
FSS promises the industry to help maintain sufficient capital buffers amid volatile and uncertain financial market conditions.
S.K.’s FSC Issues guidelines for fractional investments in regulatory sandbox
Authorities anticipate that this guideline will enhance business entities.
S.K.’s stock market index to release English disclosures this coming year
The mandatory English disclosures of significant information will be enforced for KOSPI-listed firms in two stages.
S.K.’s household loans from insurers climb to $77m in November
On the other hand, loans made from nonbanks fell to $2.2b.
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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.
