South Korea

Hanwha Life teams up with Stanford University for AI project

November 20 2024

Hanwha Life is exploring four AI-related issues: asset management, digital personas, healthcare, and governance.

new-regulations-enhancing-focus-on-long-term-profitability-for-koreas-non-life-insurers-am-best

New regulations raising long-term profitability focus for Korea's non-life Insurers: AM Best

November 15 2024

AM Best maintains stable outlook for segment, reflecting long-term insurance growth and underwriting resilience, despite market challenges.

south-koreas-insurance-industry-to-reach-us180bn-by-2029

South Korea’s insurance industry to hit US$180bn in 2029: GlobalData

October 25 2024

3.4% CAGR estimate driven by country’s ageing population and rising demand in health and retirement coverage.

RGA upsizes asset intensive reinsurance deal with Tongyang Life

October 24 2024

US firm expands transaction by 200m Korean won as reinsurers increasingly turn their attention to Asia Pac.

OneDegree Global partners with DB Inc. to launch microinsurance platform in Korea

October 21 2024

The new platform allows carriers to enter segment with low setup costs, efficient policy administration, and a simplified claims processes.

Starr Insurance granted Seoul branch licence

October 21 2024

Local operations are being led by Paul Choi, who was named as the Korean branch’s CEO in May.

Korean insurers face IFRS 17 pressure from interest rate cuts

October 14 2024

Recent interest rate reduction by Bank of Korea could impact insurers' profitability.

samsung-fire-andp-marines-ratings-affirms-with-growing-online-motor-business-supporting-profitability

Samsung Fire & Marine's ratings affirmed with growing online motor business supporting profitability

October 11 2024

AM Best spotlights stable underwriting performance and robust investment of SFM, while subsidiary PT Asuransi Samsung Tugu sees 28.3% five-year average COR.

taishin-and-shin-kong-announce-merger-amid-ctbc-takeover-bid

Shin Kong shareholders approve merger with Taishin Financial Holding

October 9 2024

If approved by regulators, the merger would create Taiwan's fourth-largest financial conglomerate.

Korean insurers offshore profits up 135% in 2024 - report

October 9 2024

Expansion into global markets supports growth for South Korean life and non-life firms.

Korean guarantee insurance payouts rise as economy falters - report

October 9 2024

Rising interest rates and inflation contribute to record-high guarantee insurance payouts in South Korea.

Korean Insurance Research Institute calls for long-term strategies to restore trust in the insurance industry

September 27 2024

Misleading practices and short-term commission structures are cited as key reasons for growing inefficiencies and distrust among consumers.

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