Read the latest edition of AIR and MEIR as an Interactive e-book

Jun 2024

Market Profile

South Korea

K-ICS implementation may jumpstart coinsurance transactions

When coinsurance was first introduced as an option to restructure insurers’ liabilities in in 2020 in South Korea, insurers and co-insurers could not reach agreements due to low interest rates.

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Agriculture insurance is growing well

With government support, the South Korean agriculture insurance sector has been growing well.

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South Korean life rebounds with IFRS17 and K-ICS

According to Korean Re, the life insurance market is expected to recover in South Korea in 2024, after declining at a rapid rate in 2023. Premium income is forecast to grow by 0.6% to KRW120tn ($88.7bn) in 2024.

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South Korean premium income expected to grow

Data from the Financial Supervisory Service revealed that the combined net profit of 22 life insurers and 31 non-life insurance companies in South Korea saw their net profit soar by 45.5% to KRW13.35tn ($9.96bn) in 2023.

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Tough renewals and regulations for smaller reinsurers in Korea

A double whammy of new financial reporting standards and solvency ratio requirements has taken its toll on reinsurers in South Korea, especially for regional branches with fewer resources.

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