Insurance companies in South Korea, comprising 22 life insurers and 31 non-life insurers, generated KRW13.36tn ($9.68bn) in net income for the year 2023, up by KRW4.18tn or 45.5% from 2022, according to preliminary data released by the Financial Supervisory Service.
Seven out of 10 (68.7%) life insurance planners consider the details and amount of coverage the most important in the consultation process with customers. The customer's economic ability is the important aspect to 15.1% of planners.
Samsung Fire & Marine Insurance, South Korea's biggest general insurer, has stopped offering bancassurance services after 21 years of such collaboration with banks.
Following challenging renewals in 2023, the Korean reinsurance market was stable at 1 April, with more than adequate capacity for property catastrophe risks, says Aon.
Insurance companies in South Korea saw their net profit soar by 45.5% in 2023 compared to 2022 on higher sales, according to preliminary data from the Financial Supervisory Service (FSS).
The Ministry of Trade, Industry and Energy has announced that the government would inject a record amount of KRW255tn ($189.4bn) in trade insurance this year to support exports.
The capital score of one of South Korea's three biggest life insurers, Kyobo Life Insurance, as measured by the Fitch Prism Model, is estimated to have been in the 'Strong' category at end-2023 under the IFRS17 and IFRS9 accounting standards, says Fitch Ratings.
KBFG Insurance (China) has achieved positive operating profit over the last five years (2019 to 2023), with low-to-mid single digit return-on-equity ratios reported during the period, notes AM Best.
The majority of adults in South Korea are not adequately prepared for the likelihood of needing elderly care, according to the findings of a survey by the Korea Insurance Research Institute (KIRI).
The implementation of more stringent risk measurement under the Korean-Insurance Capital Standards (K-ICS) a year ago has led to a decline in the average solvency ratio for South Korea's insurance industry, according to a new AM Best special report.