South Korea

Korean motor insurers’ 1H net profit drops 40.2% amid uptick in accidents

September 12 2024

Approximately 1.84m auto accidents were recorded in South Korea for the first half of 2024.

am-best-affirms-a-rating-for-db-insurance-citing-strong-underwriting-new-business-generation

AM Best affirms DB Insurance's ratings, citing strong underwriting, new business generation

September 9 2024

AM Best said long-term insurance line is likely to gain from efforts such as stricter underwriting practices and higher premium rates for medical indemnity policies.

Korea’s life and non-life segments see contrasting net income results in 1H 2024

September 3 2024

Life sees 9.4% decline amid significant drop in investment income, while non-life reports 12.2% growth.

Fitch upgrades Hanwha Life's outlook on improved profitability and capital position

August 30 2024

New capital standards help to boost capital strength, with Fitch affirming ratings alongside outlook revision.

Korea’s FSC Chief urges insurers to prioritise swift claims payments, trust-building

August 29 2024

Kim Byoung-hwan emphasised October deadline to digitise insurance claims, while also calling for insurers to invest in ways that boost the economy.

woori-to-acquire-tongyang-and-abl-life-from-chinas-dajia-insurance-group-report

Woori signs deal to acquire Tongyang Life and ABL Life for US$1.16bn

August 29 2024

Woori Financial Group aims to diversify portfolio with acquisitions, but faces regulatory scrutiny due to recent loan scandals.

korea-p-and-i-club-ratings-affirmed-amid-strategic-underwriting-overhaul-due-to-large-claims

Korea P&I Club's ratings affirmed amid strategic underwriting revamp

August 26 2024

AM Best affirms B++ ratings KP&I's risk while noting the club has reduced its exposure to larger-sized vessels.

korean-insurers-reviewing-ev-policies-and-premiums-amid-fire-incidents

Korean insurers reviewing EV policies and premiums: Report

August 26 2024

Korean insurers likely to raise rates, amid general EV growth and recent high-profile incidents.

proposed-sale-of-south-koreas-mg-non-life-insurance-fails-for-third-time

Sale of MG Insurance fails for fourth time - report

August 20 2024

Sources reveal that the KDIC is now looking to move forward with the sale via private contacts.

Hanwha General Insurance has ratings affirmed amid efforts to scale digital subsidiary

August 19 2024

AM Best affirms Hanwha General Insurance's ratings while highlighting its efforts to expand Carrot General Insurance.

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