The Korea Insurance Research Institute warns that financial market uncertainty and persistently low interest rates will continue to pressure the industry's bottom line.
Property and casualty insurance rates in the region fell 5% and 3% respectively, according to Marsh data, with financial and professional lines recording the steepest drop at 8%.
Reinsurer said it will focus on working with existing clients and regulators to redesign products "that respond to changing societal needs and give consumers more certainty."
