South Korea

The life insurance and pension segment accounted for 84% of premiums in 2024. 

The adoption of K-ICS drove operational strategies of Korean insurers to focus on expanding sales of protection-type products with high profitability. 

Customers have been giving personal data in exchange for these policies.

Their financial performance is diverse but has decayed amidst the prolonged low interest rates.

The regulator is expected to rule in their favour, sources revealed.

The confirmation follows pressure from a network of civic groups.

There is still about $11b (KRW12.6t) in unclaimed insurance funds.

Life insurers saw better profits in 2020, whilst non-lifers saw improved loss ratio.

The decline came as a hike in bond yields incurred valuation losses from bond investments.

The company will be granted full approval within six months once prerequisites are met.