South Korea

AM Best affirms KBFG Insurance China's ratings amid claims volatility

March 15 2024

Significant 2023 fire loss had minimal impact on underwriting result, but solvency position affected due to higher reinsurance credit exposure.

south-koreas-major-non-life-insurers-break-1-trillion-won-in-overseas-premiums-for-2023-report

South Korea's major non-life insurers break 1 trillion won in overseas premiums in 2023 - report

March 12 2024

Four leading non-life insurers collect 1.04 trillion won (US$793m) in overseas premiums, but mere 1.2% of total premiums, highlights potential for further expansion.

fitch-revises-construction-guarantees-outlook-to-stable-affirms-a-rating

Korea's construction sector slowdown, TY E&C concerns impact Construction Guarantee's outlook

March 5 2024

Fitch affirms ratings but downgrades outlook to stable, citing potential for claims due to liquidity issues at Taeyoung Engineering & Construction.

Aon appoints Tracy Lee Kus as Head of North Asia

March 1 2024

Kus will maintain her existing responsibilities as APAC's Head of Commercial Risk Solutions in addition to overseeing the broker's operations in Japan and Korea.

wtw-and-solomon-agency-partner-on-north-american-exposure-of-south-korean-and-vietnamese-firms

WTW and Solomon Agency Corp partner on North American exposure of Asian businesses

February 14 2024

Strategic co-brokerage agreement aims to deliver tailored insurance solutions to South Korean and Vietnamese companies operating in North America.

Transitional measures give Korean insurers time to strengthen balance sheets

February 14 2024

Korean insurers capital ratios are 20% stronger thanks to transitional measures introduced by regulators, but these have a limited timespan.

Tong Yang Life's capitalisation remains robust under new K-ICS and IFRS 17 standards

February 8 2024

Despite reduced profits in 2022, Tong Yang Life Insurance maintains A- rating with stable outlook from Fitch.

samsung-fire-marine-latest-insurer-to-reduce-motor-rates-amid-rising-cost-of-living

Samsung Fire & Marine follows other Korean insurers by reducing motor rates amid rising cost of living pressures

February 7 2024

Heeding call from the government, Samsung F&M spearheads 2.8% cut, with industry peers having already cut between 2.5% to 2.6%

South Korean insurers launch 'limited edition' products - report

January 24 2024

Time-sensitive life and health policies, aimed at pre-empting rate hikes due to the experience life table, has attracted regulatory attention.

NorthStandard to open South Korea office in 2024

January 23 2024

The marine insurer will open a Seoul branch in spring, with Claims Director Shang Doe Shim set to move from Singapore to lead the office.

cyber-a-key-concern-but-top-business-risk-varied-across-apac-allianz-report

Allianz identifies cyber as key concern, but top business risks diverge across APAC

January 17 2024

Allianz Risk Barometer sees cyber as top risk in three of nine APAC countries, but BI and Nat Cat rank high, with China focused on regulatory changes.

South Korean motor insurance market anticipated to exceed US$19bn by 2028

December 22 2023

GlobalData says rising quantity and value of vehicle sales will outperform shift to digital and more competitive pricing environment.

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