News Reinsurance03 Oct 2018

South Korea:Combined profits of reinsurers fall in 1H

03 Oct 2018

Reinsurance companies in South Korea saw their combined profit slip by 13.8% year-on-year in the first half of this year, hit by losses from accidents at home and abroad.

Ten reinsurers posted a combined net profit of KRW134.7 bn ($119.6m) in the January-June period, compared with a profit of KRW156.3bn a year ago, reports Yonhap News Agency citing data from the Financial Supervisory Service (FSS).

Losses related to accidents, including factory fires in China and Greece and a vessel accident at a port in Incheon, west of Seoul, hurt their bottom line, the FSS said, without elaborating further.

South Korea has vowed to open its doors to the international reinsurance market, but the sector is still dominated by Korean Re.

Korean Re reported a net profit of KRW109.3bn in the first half of this year, the FSS said, without providing an annual comparative figure.

 

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