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South Korea tag returned 200 results

  • South Korea: Growing expat population presents mart opportunity for insurers

    South Korean insurers need to focus on foreigners as their potential customers as their numbers surge, and as Koreans age and fertility is low, a senior researcher at the Korea Insurance Research Institute has said.

    Asia | 21 May 2019
  • Korea: New govt scheme could force foreign students to pay 7 times more in health premiums

    Foreign students studying in South Korea are now legally required to join the state health insurance system if their stay exceeds six months and this could lead to them paying nearly seven times more for health insurance premiums, reported Yonhap News Agency. Under the revised National Health Insurance Act effective from 16 July, foreign students would need to pay state health insurance premiums amounting to KRW678,000 ($ 571). Currently, most students covered under private health insurance policies only pay around KRW100,000 to KRW110,000 yearly.

    Asia | 14 May 2019
  • Korea: First online life insurer prepares to go public amid return to profitability

    Korea Development Bank's (KDB) insurance unit, KDB Life Insurance, is preparing to go public this year according to a recent report from The Korea Times. After failing to sell its insurance outfit, the state-run bank seeks to reclaim its investment of around KRW1tn ($0.85bn) in the insurer via the listing. The investment was injected over the years to keep the insurer afloat after it ran into losses.

    Asia | 13 May 2019
  • US claims administrator's leadership appointments in Asia

    As part of its expansion plans in Asia, Sedgwick has hired senior executives to grow the business in the region. It has appointed Mr James Ong as CEO of Asia, Mr Terry Dunning as head of business development in Asia, Mr Darren Livengood as regional manager for Sedgwick's operations in Japan and Korea and catastrophe manager for Asia as well as Mr Stephen Hope as executive director and head of major and complex losses in Asia.

    Latest News | 08 May 2019
  • Korea: Regulator encourages further FinTech innovation

    Korean regulator Financial Services Commission (FSC) plans to develop comprehensive reform measures by June in order to stimulate technological innovation in the financial sector and create an ecosystem where FinTech start-ups are unrestricted to experiment with new ideas, reported The Korea Times citing an announcement made by FSC vice chairman Kim Yong-beom during a meeting with industry executives last Friday.

    Asia | 08 May 2019
  • South Korea regulators looking to simplify insurance claims processes

    According to a survey by the Korean Insurance Research Institute, of the 2440 Koreans surveyed, 14.8% of respondents said they did not submit an insurance claim after undergoing medical treatment in 2018 because they felt the claims procedure was too complicated compared to the fees they paid out-of-pocket.

    AIRPlus | 06 May 2019
  • Korea: FSS reinstates arbitrary inspection of financial firms

    South Korea's Financial Supervisory Service (FSS) will commence its inspection of at least five local financial firms whereby it will examine issues such as corporate governance, internal control systems, financial stability and consumer protection. As of Tuesday, the confirmed list of firms to be inspected included Hanwha Life Insurance, Meritz Fire & Marine Insurance, KB Financial Group, KB Kookmin Bank and KB Securities according to a report from The Korea Herald. Around 25 firms are expected to be scrutinised by FSS throughout the year.

    Asia | 03 May 2019
  • Korea: IFRS17 may contribute to declining profits for foreign life insurers

    The upcoming IFRS17 coupled with the ongoing economic slowdown in Korea has led to declining earnings for foreign life insurers operating in 2018, according to a report in The Korea Times. The combined net profit of Korea's six major foreign life insurers plunged by 34% to KRW782.9bn ($0.67bn) last year from KRW1.19bn in 2017. This contrasts with the 20% growth in net profit for Korean life insurers. Last year, equity-linked life insurance also performed poorly due to the bear market.

    Asia | 02 May 2019
  • Korea: Increased profits for overseas branches of domestic insurers

    Data from South Korea's Financial Supervisory Service (FSS) have revealed that overseas branches of the country's insurers have delivered improved results in 2018 mainly due to gains in investment, reported Yonhap News Agency. The overseas branches had posted a combined net profit of $23.7m last year, compared with a net loss of $20m in 2017. At the end of 2018, the total assets of insurers' overseas branches stood at $4.5bn according to FSS.

    Asia | 01 May 2019
  • What's new in the market- 26 April

    Welcome to another week of what's new in the market.

    Agents | 26 Apr 2019


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