South Korea

Miller announces key hires for new Korea operations

January 14 2025

Ex-Marsh Korea CEO David Kim leads new operations, supported by key hires Andrew Kim, Youngkum Yoon, and Tae Hoon Kim.

Korean life insurers face falling interest rate challenge in 2025

January 9 2025

Premium sales figures and solvency capital levels are both under pressure from the BOK’s October reversal of interest rate policy.

koreas-life-insurance-industry-to-top-us140bn-by-2029-globaldata

Korea’s life insurance industry to grow steadily to US$140bn by 2029: GlobalData

January 6 2025

South Korea's life insurance market is set to grow to KRW206.2 trillion by 2029, driven by economic recovery and an ageing population.

jeju-air-crash-may-lead-to-insurance-loss-of-up-to-us180m

Insurance claims from Jeju Air crash estimated between US$135m and US$200m

January 2 2025

Samsung Fire & Marine the lead insurer, with early claims estimate up to US$200m across passenger liability and hull.

AM Best upgrades Korean Re's ICR rating, citing improved balance sheet strength

December 13 2024

Increased available capital, continued profit retention, and reduced underwriting risk underline ratings upgrade.

meritz-fire-named-as-latest-preferred-bidder-for-mg-insurance-acquisition-reports

Meritz Fire selected as leading bidder for latest MG Insurance sale attempt - reports

December 10 2024

Acquisition marks the fifth attempt to secure a buyer for the firm amid financial and regulatory issues.

meritzs-long-term-business-posts-lowest-cor-among-peers-in-2023-am-best

Meritz's posts lowest long-term insurance COR among peers in 2023: AM Best

December 9 2024

AM Best affirms South Korean insurer's ratings, highlighting strong investment and low loss ratio.

South Korea's insurance sector sees 13.2% rise in net income for 9M 2024

November 27 2024

Premiums increased 4.8% according to preliminary data from the FSS, but regulator notes concerns over global market uncertainties and potential losses from real estate project financing.

nonghyup-p-and-c-sees-capital-rise-under-ifrs-17-but-underwriting-hit-by-claims-in-2023-am-best

NongHyup P&C sees capital rise under IFRS 17, but underwriting hit by large claims in 2023: AM Best

November 26 2024

Korean insurer's ratings affirmed, with future underwriting performance supported by CSM base, though its capital is more exposed to volatility than domestic peers.

Korea's GI industry to grow 5% in 2024: GlobalData

November 22 2024

Motor and liability to drive growth in 2024, with GlobalData forecasting a 5.2% CAGR through to 2029.

AIA elevates Fisher Zhang to Regional Chief Executive

November 22 2024

Zhang will take on responsibility for China, South Korea, and Vietnam, pending regulatory approvals.

Seoul Guarantee Insurance experiencing rise in COR, but normalisation anticipated in 2025: Fitch

November 21 2024

Economic conditions have impacted SGI's underwriting performance, but strong investment has provided stability.

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