Local media reports show that over the past five years, Korean insurance companies have experienced a tripling of claims payouts and a more than fourfold rise in the number of claims.
Investments led to wider operating deficit, but Fitch maintained rating due to reduction in underwriting deficit, strong capital, and continued support from its parent company.
Beijing experienced its worst rainfall for 140 years and S&P Global Ratings warned P&C insurers to anticipate increased demand amidst an underwriting hit.
In June, the FSA instructed major Japanese insurers to investigate "cartel" behaviour over contracts supplied to railway operator Tokyu; the latest report suggests price fixing could be a more widespread...
