South Korea

korean-insurtech-carrot-general-insurance-appoints-ex-apple-ai-expert-as-cto-report

Korean Insurtech Carrot Insurance appoints ex-Apple AI expert as CTO: report

August 8 2023

The Korea Herald reports that Jinho Lee has joined with the firm looking to expand beyond vehicle insurance using data-driven solutions.

South Korea: AM Best upgrades DBI's financial strength rating, with combined ratio outperforming peers

August 7 2023

DB Insurance’s solid balance sheet, prudent asset-liability management, and strong operating performance led to the ratings upgrade.

Korea limits insurers’ ability to restate accounts under IFRS 17

August 1 2023

The FSS has restricted insurers' ability to restate profits and directed that restatements should only be used in exceptional circumstances.

South Korean insurers to benefit from regulatory changes on foreign investments: Report

July 19 2023

The FSC plans to ease restrictions on overseas subsidiary investments and capital support, to stimulate global expansion from domestic financial companies.

Hana Financial Group emerges as preferred bidder for KDB Life acquisition

July 14 2023

Due diligence is still required before reaching a final decision is made on the deal.

south-koreas-insurance-industry-faces-economic-uncertainties-as-life-insurance-premiums-dip-in-2023

South Korea's life premiums expected to dip in 2023

July 14 2023

The 2023 forecast was reevaluated, taking into account the evolving economic landscape, financial conditions, and sales environment.

A photo of people holding up bid cards. Hana Financial and KDB Life logos in top left corner.

Hana Financial Group joins bid to acquire KDB Life: Report

July 10 2023

The bid is seen as a means to remain competitive with direct rivals, who are also strengthening their non-banking arms through separate acquisitions.

south-koreas-hanwha-general-insurance-retains-high-financial-strength-ratings

South Korea's Hanwha General Insurance retains excellent strength ratings

July 7 2023

AM Best maintained the strength ratings of South Korea's sixth largest P&C, with its focus on long-term insurance a key factor.

am-best-maintains-stable-outlook-on-south-koreas-pc-segment-despite-new-guidance-on-actuarial-assumptions

AM Best maintains stable outlook for South Korea's P&C segment despite new IFRS 17 guidance

June 28 2023

High-margin health products set to provide stable growth despite pressure on motor segment's combined ratio and concerns about IFRS 17 assumptions.

Korea Specialty Contractor Financial Cooperative earns a strong rating from Fitch Ratings

June 26 2023

KSCFC is a Seoul-based firm established in 1988 to support the domestic construction industry by offering guarantee and insurance services to its member companies.

Korean regulator issues IFRS 17 guidance after Q1 results

June 26 2023

Non-life insurers’ sale of long-dated products distorted first set of results under the new standard.

Korean Insurance Research Institute: shortage of skills and internal expertise is biggest obstacle to digital transformation

June 23 2023

Korean insurers appear to be making progress on digital transformation in the post-Covid 19 era, but barriers remain.

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