South Korea
Kyobo Life, SBI Group form digital finance alliance
Kyobo Life, SBI Group form digital finance alliance
Both parties are looking into distributing security token offerings.
US reinsurer and Tongyang Life seal historic coinsurance deal
This is the first cross-jurisdictional coinsurance transaction in South Korea.
Korean insurers' profitability bolstered by strong CSM release
Insurers saw a 46% increase in net profits, attributed to the adoption of IFRS17.
Kyobo Life to hold solid market position in the 12-18 months
Its return on capital (ROC) was 3.0% in 2023.
Tong Yang Life is seen to bag steady profit growth
Thanks to solid investment income and increased sales of high-margin protection products.
Korean construction insurer maintains strong capital
KFINCO's profitability is considered modest, with a return on equity of 2.0% in 2023.
Korean insurers dominate overseas investment in real estate
Investments mounted to KRW $42.1b.
Chubb synergises with three other Korean firms: Report
Chubb's general insurance subsidiary announced it will rename its brand.
K-Pet eyes insurance, launches disease prevention tech
S. Korea’s pet premium income climbed from KRW1.1b in 2018 to KRW44.3b in 2023.
How does S. Korea fare in terms of risk resilience?
It ranked lowest in climate risk exposure at 109th place.
Starr Insurance selects CEO for new Korea unit
Paul Choi carries over 30 years of industry experience.
Korean insurers face tax challenges amidst IFRS 17 adoption: Report
The sudden increase in reserves has triggered calls for regulatory adjustments.
South Korea's capital adequacy rises to 232.2%
This was an increase of 8.1 percentage points from three months prior.
Overseas ventures of South Korean insurers post mixed results in FY’23
Insurers have operated 41 overseas businesses in 11 countries as of yearend.
Korean insurers immune from overseas CRE decay: Fitch Ratings
Fitch believes robust capitalisation will enable insurers to absorb shocks from losses.
S. Korea sees 189 large liability claims in a decade
It was an average of 19 claims per year and a loss amount of KRW3.2b per claim.
Korean Re notes potential growth of pet insurance amid low uptake
Whilst there is a growing demand for pet insurance in Korea, only 11.9% of households with pets availed of insurance.
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