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Oct 2020

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South Korea: Major life insurers to raise premium rates

Source: Asia Insurance Review | Oct 2020

Samsung Life Insurance and Kyobo Life Insurance is set to increase premiums in October despite facing government pressure to lower insurance rates on some products.
 
According to a report from The Korea Times, Samsung Life plans to lower the assumed interest rate on some products by 0.25 percentage point next month. 
 
The rate is set by insurers to calculate the value of an annuity’s income payments. When the rate declines, customers pay higher premiums.
 
Kyobo Life Insurance is also looking into cutting its rate next month. A 
 
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