South Korea

Uncertainty surrounds Lotte Insurance sale following Woori withdrawl

June 30 2024

Lotte Insurance's stock dives, with financial conglomerate's bid withdrawal considered a major setback.

Woori to acquire Tongyang and ABL Life from China's Dajia Insurance Group - report

June 27 2024

US$2.2bn deal would see South Korean financial conglomerate pull out of other proposed acquisitions, including Lotte Insurance.

korea-finance-for-constructions-rating-affirmed-as-insurer-eyes-overseas-expansion

KFINCO's rating affirmed with Korean insurer pursuing overseas expansion

June 14 2024

Fitch affirms construction guarantee insurer's ratings, noting that limited geographic and business diversification has prompted it to explore expansion opportunities.

south-korean-motor-insurers-pay-claims-from-trash-balloons-despite-war-exclusions-report

South Korean insurers pay 'trash balloon' claims despite war exclusions - report

June 13 2024

Insurers are opting to cover motor damage, citing unusual circumstances and classifying North Korea's trash-filled balloons as "falling objects".

SEADRIF engages Gallagher Re for reinsurance broking and risk advisory services

June 5 2024

SEADRIF says it appointed the reinsurance broker to help enhance its climate and disaster risk finance capabilities in the ASEAN+3 region.

Guillaume Mirabaud appointed as CEO of AXA Thailand General Insurance

June 5 2024

Mirabaud to lead AXA Thailand General Insurance from June 2024, following his tenure as CEO at AXA Korea.

Hans Vraken appointed CEO of AXA Korea

June 4 2024

Vraken brings extensive leadership experience from his previous roles at AXA including 4.5 years as President and CEO of AXA Direct Japan.

Chubb consolidates Korean operations under Lina brand

June 1 2024

Chubb has consolidated its Korean GI, life, and telemarketing subsidiaries Korean under the unified Lina brand.

koreas-fss-uncovers-broker-led-insurance-fraud-ring

Korean regulator unearths broker-led insurance fraud ring

May 30 2024

Korean regulator and police uncover a 2.1bn won (US$1.5m) fraud operation involving brokers, hospitals, and fake patients.

Paul Choi named CEO of Starr's new Korea branch

May 17 2024

With 30 years industry experience, Choi will provide strategic leadership and oversee growth at the new branch.

south-korean-insurers-targetting-tailored-products-for-women-report

South Korean insurers targetting more tailored products for women - report

May 10 2024

Korean insurers are increasingly targeting female customers, responding to growth including higher insurance subscription rates among women.

lockton-korea-ceo-aims-to-double-sales-by-2028-through-organic-growth

Lockton Korea aiming to double sales by 2028 says CEO

May 10 2024

CEO Ben Son says business plans to double sales organically through focus on commercial risks including property, liability, and technology.

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