South Korea

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.

Korean Re sees long-term issuer credit rating upgrade

December 11 2023

AM Best expects balance sheet strength to improve following underwriting portfolio restructure and increased capital from hybrid bond issuance.

Dominant market position sees Seoul Guarantee Insurance's ratings affirmed with stable outlook

December 5 2023

Fitch affirms 'AA-' ratings for the guarantee and credit insurer, though slight deterioration of combined ratio is expected in 2023.

South Korean motor insurers asked to cut premiums as part of broader economic initiative: Report

November 29 2023

South Korean car insurance premiums are set to decrease by 3% as part of President Yoon Suk Yeol's economic initiative to support SMEs and low-income individuals.

Eastspring Asset Management Korea on the market for US$77m: Report

November 28 2023

Prudential's investment business is reported to be the market at a 100 billion won price tag amid a challenging economic environment.

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