Tag Search Result

  • South Korea: Regulator to scrutinise management appointment process

    The Financial Supervisory Service (FSS) will examine the appointment processes at major financial holding companies, amid criticism that some current chairmen were extending their rule to second and third terms by using procedural loopholes.

    Source : AIR | 01 Jan 2018
  • South Korea: Reimbursement medical insurance premiums to be reduced

    South Korea’s top financial regulator has said that it will cut premiums for reimbursement medical insurance in line with the government’s policy of easing the financial burden on low-income earners.

    Source : AIR | 01 Oct 2017
  • South Korea: Consumers prefer installment savings plans

    Most South Korean financial consumers still prefer safer choices such as instalment savings plans, despite the current low interest rates and a booming stock market.

    Source : AIR | 01 Nov 2017
  • Emerging risks to keep an eye on

    The political risk sector today is uncertain. For most people, the situation can be distressing and lead to rash decisions. Yet, for (re)insurance companies specialising in Political Risk and Trade Credit, this uncertainty is their daily business. Mr Gregory King-Underwood from Guy Carpenter elaborates.

    Source : AIR | 01 Nov 2017
  • State-owned Russian reinsurer sets sights on Asia

    The Russian National Reinsurance Company (RNRC) was established by Russia’s Central Bank in August 2016 but only started operations in January 2017. However, it has already gained CIRC’s approval to operate in China in the specialty market, and has been granted a licence in Egypt. We caught up with Vice-President of Business Development Igor Karpovich at the SIRC 2017 to learn more about the reinsurer’s hunger for new business in the region.

    Source : AIR | 01 Dec 2017
  • Taking the revolutionary road to new opportunities of growth

    At the inaugural 2017 LIMRA-KIRI Insurance Conference in Seoul, participants looked ahead to “Inventing the Future of Insurance”. Will technology make insurance more accessible?

    Source : AIR | 01 Dec 2017
  • Samsung Re: Expanding beyond group business

    Samsung Re has been keeping a low profile since its inception in 2011 but of late, the reinsurer has adopted a new strategy to expand its operations beyond its group business and into newer territories across Asia. We speak to Mr Tae Y Choi, CEO, Samsung Re at the SIRC, to find out the plans and strategies ahead for the company.

    Source : AIR | 01 Dec 2017
  • South Korea: Interest rate hikes to disrupt insurance mart

    South Korea’s insurance industry will face “disruptive change” if the nation’s central bank raises interest rates, a senior official at the financial regulator has said. 

    Source : AIR | 01 Dec 2017
  • W&I insurance gaining traction in Korea

    After a slow start, Warranty & Indemnity insurance for Korea’s domestic and outboard M&A transactions is on the rise. Mr Eric H. Hoffman of Asia Risk & Insurance Advisors (ARIA) explores.

    Source : AIR | 01 Dec 2017
  • Asia: InsurTech investments surging strong

    InsurTech funding in 2017 rose 36% from the year before to reach US$2.3 billion, according to the latest data published by Willis Towers Watson.

    Source : AIR | 01 Mar 2018
  • South Korea: Local insurers to play bigger role in corporate plans

    The domestic insurance market is expected to continue to play an increasingly important role in large corporate insurance programmes, says Aon in its annual Asia Market Review.

    Source : AIR | 01 Mar 2018
  • Look out for these what-if scenarios - WEF's 10 potential future shocks

    The growing complexity and interconnectedness of our global systems can lead to feedback loops, threshold effects and cascading disruptions. Sudden and dramatic breakdowns – future shocks – become more likely, according to the Global Risks Report 2018 published by the World Economic Forum.

    Source : AIR | 01 Mar 2018
  • South Korea: Nonghyup group plans expansion in insurance in Asia

    Nonghyup Financial Group has said that it plans to enter the Chinese and Southeast Asian insurance markets as part of its effort to expand its presence abroad.

    Source : AIR | 01 Apr 2018
  • South Korea: Life insurers seen to invest more in foreign assets

    Korean life insurers are expected increasingly to divest themselves from some of their longer-dated domestic bond holdings in favour of higher-yielding foreign assets, reports Bloomberg citing Mr Karan Talwar, Hong Kong-based investment specialist for emerging-market debt at BNP Paribas Asset Management. 

    Source : AIR | 01 May 2018
  • South Korea: Healthcare costs for seniors to quadruple by 2030

    South Korea may have to spend over KRW90 trillion (US$80 billion) annually by 2030 on healthcare for seniors, when baby boomers (born 1955 to 1963) enter their old age, according to data from the National Health Insurance Corporation.

    Source : AIR | 01 Jun 2017
  • South Korea: Life insurers increasingly focused on capital adequacy

    South Korean life insurers are increasingly challenged to maintain capital soundness as they grapple with regulatory capital reforms. Several have turned to issuing debt and seeking M&A options to broaden their capital base, said Fitch Ratings. 

    Source : AIR | 01 Jun 2018
  • Product Bites

    Source : AIR | 01 Jun 2018
  • Aon Benfield: Actuarial software to ease shift to IFRS 17 compliance

    The South Korean financial regulator (FSS) has recently introduced new solvency regulations, due to take hold in 2021. In a world first, it is basing these regulations on a new international accounting standard IFRS 17. Mr Sung Lim Suh of Aon Benfield discusses how actuarial modelling software is being used to help insurers in South Korea comply with the new Standard. 

    Source : AIR | 01 Jul 2017
  • South Korea: Big traditional insurers making impact online

    South Korea’s major insurers have emerged as big players in the country’s online life insurance market, with a focus on savings-type policies that life planners shun due to low commissions.

    Source : AIR | 01 Jul 2017
  • RNA Analytics acquires IBM® Algo Financial Modeler®

    RNA Analytics announced it has acquired the assets and technology of IBM Algo Financial Modeler, an actuarial, risk and financial modeling software solution suite.

    Source : AIR | 01 Jul 2017
  • South Korea: Insurers jump on authentication service wagon

    At least 15 insurers, including Kyobo Life Insurance and KB Insurance, are providing an authentication service by partnering with Kakao Pay, which is a popular payment service. They are introducing the service before the abolishment of the public online certification system.

    Source : AIR | 01 Jul 2018
  • Asia Pacific: Regional giants to drive global life market

    The giant emerging markets of China and India will drive global life premium growth in the coming years, forecasts Swiss Re Institute in its sigma report titled “World insurance in 2016: the China growth engine steams ahead”.

    Source : AIR | 01 Aug 2017
  • South Korea: Govt looking at getting health insurers to cut premiums

    The government will seek a legal base to pressure private insurers to cut down medical insurance premiums to help alleviate the cost burden on subscribers amid coverage expansion of national health insurance.

    Source : AIR | 01 Aug 2017
  • South Korea: Insurers wary of providing coverage for crypto exchanges

    Insurers in South Korea are not very forthcoming in providing insurance for crypto exchanges in the country, despite the country being the nation with the most prolific cryptocurrency users, exchanges and thriving digital assets business. The spate of crypto crimes in exchanges appears to have pushed insurance companies onto the back foot, according to a report on ZyCrypto, a cryptocurrency website.

    Source : AIR | 01 Aug 2018
  • South Korea: Average life sum assured flat at about US$42K in 2016

    The insured amount per policyholder in South Korea’s life insurance sector rose at the slowest pace last year due mainly to a decline in insurance sales, industry data show.

    Source : AIR | 01 Sep 2017
  • South Korea: Motor business dips in 1H2018

    South Korea’s auto insurance market contracted slightly in the first half of this year, hit by intensifying competition and lower premiums, according to data from the Financial Supervisory Service (FSS).

    Source : AIR | 01 Sep 2018