Growing InsurTech group bolttech has announced its expansion into South Korea through the launch of its partnership with LG U+, one of South Korea's largest telecommunications carriers.
South Korea's state-run trade insurance company has failed to recoup around KRW1.4tn ($1.2bn) in local exporters' losses arising from the latter's deals with foreign companies.
With fewer people engaging in outdoor activities and making insurance claims during the second wave of the COVID-19 pandemic in South Korea, major life and non-life insurers are expected to enhance their profitability in the third quarter of 2020.
Kyobo Life Insurance will be able to start selling insurance products in Myanmar by the end of next year after receiving business approval from the Myanmar government.
South Korean life insurance companies are launching mini-plans, with affordable premiums and simple insurance policies to target at young customers, that are becoming a new trend in the insurance industry, according to The Korea Life Insurance Association.
Three of South Korea's biggest life insurers ? Samsung Life, Hanwha Life and Kyobo Life ? are speeding up their overseas drives, with markets in Southeast Asia their immediate main destinations.
Insurance firms in South Korea saw their risk-based capital ratio increase in the second quarter of this year, according to data from the Financial Supervisory Service (FSS).
The percentage of the elderly population, that is, those aged at least 65, is expected to reach 20.3% in 2025. Currently, 15.7% of the population is elderly. In 2060, this proportion is expected to increase to 43.9%.
Non-life insurers are trimming their workforces in motor insurance sales channels, to cut operating costs amid falling revenue and rising loss ratios.