South Korea
Korean Re to see growth potential in S.K.’s coinsurance business: AM Best
AM Best foresees a notable reduction in KRE's underwriting risk in 2023 due to the planned portfolio restructuring, which aims to offload unprofitable business, especially in the domestic personal line.
Korean Re to see growth potential in S.K.’s coinsurance business: AM Best
AM Best foresees a notable reduction in KRE's underwriting risk in 2023 due to the planned portfolio restructuring, which aims to offload unprofitable business, especially in the domestic personal line.
S.K.’s FSC calls for regulation on online asset users' protection
Slated to take effect on 19 July 2024, the proposed regulations aim to safeguard virtual asset users and establish a secure order in virtual asset transactions.
S.K.’s FSC chairman urges insurers to enhance CSR amidst financial challenges
The meeting was part of a series aimed at fostering close communication and mutual understanding between regulatory authorities and the financial industry.
S.K.’s FSC urges MyData regulation overhaul, fair pricing and streamlined processes
The proposed changes aim to establish reasonable standards for the pricing of data transfer costs, ensuring a sustainable operational environment for MyData services.
AM Best forecasts stable medium-term growth for Meritz Insurance
The assessment mirrors Meritz's robust balance sheet strength,
bolttech collaborates with S.K.’s LOTTE HIMART for electronic goods exchange service
The service comes with an annual fee of $30.
S.K.’s insurance comparison in January 2024 could drive higher premiums
Higher premiums are forecasted for this service versus cyber marketing channels.
About 84% of foreign students in S.K. dissatisfied with national health insurance system
The reason was due to higher contributions required versus private insurers.
Capital pressures linger as insurers adopt new accounting rule in South Korea
IFRS 17 adoption is seen to improve insight into margins and reserves, increase motivation for long-term profitability, and better global comparability for insurers.
S.K.’s FSC raises KRW73.8t in policy funds for venture capital in FIs
This exceeded the initial supply plan of 66.7% by August and achieved 80.4% of the annual target.
Korean Re’s 1H23 earnings surge to KRW269b
Korean Re started reporting quarterly results based on IFRS 17 and IFRS 9.
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.
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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.
