South Korea
Worst Seoul flooding triggers more than $50m in motor claims
Worst Seoul flooding triggers more than $50m in motor claims
4,791 car owners have filed for insurance claims due to damages by the flood.
Korea Exchange rejects Kyobo Life IPO application
The reason for the denial is discord amongst major shareholders.
Chubb names new LINA Korea country president
The firm recently acquired Cigna’s life insurance operations in the country.
Kyobo Life to issue $500m hybrid bonds
The 30-year bonds will all be sold to offshore investors.
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.
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