South Korea
South Korea insurance industry profits fell by 21% in Q1
Net profits for all 53 major insurers totaled $2.45b.
South Korea insurance industry profits fell by 21% in Q1
Net profits for all 53 major insurers totaled $2.45b.
South Korea’s non-life insurance market breaches $3b in net profits in 2021
Profits were boosted by improved underwriting performance.
Samsung Life net profits plunges by 72.9%
The insurer saw losses grow by $170m compared to last year.
Robots gets insurance cover in South Korea
It can cover almost every accident caused by service robots.
Hanwha Life Insurance Q1 net profits drops by 70.6%
The insurer is considered the second biggest life insurer in South Korea.
FSS to take tougher measures on screening of suspicious insurance cases
The South Korean regulator said this is to reduce fraud in the industry.
South Korean motor insurers turns profit for the first time in four years
The pandemic played a huge role in this for motor insurers.
South Korea life insurance industry to reach $117b in 2026
Its growth will be driven by product innovations by insurers.
Kakao gets regulator nod for digital insurance business
This marks the first time a newcomer has been allowed to launch.
South Korean insurers 2021 preliminary income balloons to $6.8b
This is a 36.2% growth compared to the previous year.
KB Financial Group to merge life insurance subsidiaries
The insurers merging are KB Life Insurance and Prudential Life Insurance of Korea.
FSC slaps KR₩155m fine to Samsung Life over unpaid insurance claims
FSC found the insurance firm in violation of the Insurance Business Act.
South Korea premiums to swell to $229.5b by 2025
Life segment to revive in 2022, driven by increased awareness.
South Korea’s KDIC sells stake at Woori Financial for $765m
The 67.9 million shares were sold to five investors, including Eugene PE.
South Korea’s Kyobo Life requests punishment for Deloitte Anjin accountants: report
They are accused of colluding to inflate the price of six million shares.
Kyobo Life to go public by H1 2022
The insurer also plans to become a financial group.
UK-based reinsurance broker acquires VIB
VIB will also rebrand into BMS Korea under the BMS Asia Team.
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Most Read
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.
