South Korea

Gallagher Re appoints Chulmin Jang as Korea CEO

May 28 2025

Jang brings extensive experience and joins from Aon Re to take on the new role.

Hanwha Life’s shift towards protection products prompts Moody’s upgrade

May 27 2025

The upgrade follows a rise in return on capital to 3.4% and a maintained solvency ratio of 163.7% despite market pressures.

capital-woes-hound-kdb-life-at-risk-of-troubled-insurer-label

KDB Life at risk of 'troubled firm' status after capital adequacy decline

May 22 2025

The insurer cites IFRS 17 and lower discount rates as reasons for its capital drop, but says it can still meet policyholder obligations.

Korean Re lands first-time 'A1’ IFS rating from Moody’s

May 21 2025

The reinsurer posted a high Korea Insurance Capital Standards (K-ICS) ratio at 191.7% in 2024, indicating sufficient capacity to handle unexpected losses.

woori-financial-group-selects-ceos-for-tongyang-life-insurance-abl-life-insurance-reports

Woori Financial Group selects CEOs for Tongyang Life, ABL Life: Reports

May 20 2025

Group is set to acquire both insurers later this year.

pacific-life-re-names-kenichi-kim-as-head-of-south-korea

Pacific Life Re promotes Kenichi Kim to Head of South Korea

May 19 2025

He first joined the business in 2022.

korean-insurers-capital-adequacy-ratios-decline-for-q4-2024

Korean insurers' capital adequacy ratios decline in Q4 2024

May 15 2025

FSS says insurers need to improve their asset-liability management (ALM).

south-koreas-fsc-to-ease-capital-adequacy-requirements-for-insurers-report

Lotte Non-Life postpones subordinated bond redemption after regulatory pushback: Report

May 14 2025

The FSS blocked the insurer’s bond call attempt, citing insufficient capital under K-ICS rules.

Korean financial authorities to set up bridge insurer for MG Non-Life transition: Report

May 13 2025

The Deposit Insurance Corporation is expected to fully fund the bridge insurer with no public funds to be used.

Underwriting volatility prompts outlook revision to negative for Korea P&I Club: AM Best

May 12 2025

The Club reported a KRW 7.3bn (US$5.14m) loss alongside a combined ratio of 204% last year.

korea-investigates-insurance-ga-data-breach-involving-third-party-sales-platform

Korea investigates insurance general agency data breaches

May 9 2025

Third-party vendor's compromised accounts prompt a privacy compliance audit by South Korea's data protection authority.

south-koreas-financial-regulator-to-announce-measures-for-mg-life-report

South Korea’s financial regulator completes review of MG Life, set to announce measures: Report

May 8 2025

Planned action will address the insurer’s failure to meet the minimum regulatory capital ratio.

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