Over three quarters (76.6%) of respondents in a recent survey say they would use healthcare value-added services provided by insurers such as health counselling, discounted genetic testing for cancer and pharmacogenomics testing.
State owned Korea Development Bank (KDB) has named private equity firm JC Partners as the preferred bidder for its insurance unit, KDB Life Insurance.
Considering the impact of the coronavirus pandemic on the insurance market, Fitch Ratings expects life insurers in three major Asian markets - South Korea, China and Thailand - to report significant losses and muted growth.
More than three quarters (76.6%) of respondents in a recent survey say they would use healthcare value-added services provided by insurers ? such as health counselling, discounted genetic testing for cancer and pharmacogenomics testing.
The financial performance of several non-life insurance companies is expected to improve in the second quarter of this year, as the motor loss rate decreases in the wake of the coronavirus pandemic.
South Korean telecom company KT Corporation has partnered with KB Insurance to integrate blockchain technology with the insurance entity's mobile notification service.
The burden borne by life insurance companies arising from their policy reserves is growing due to falling interest rates.
The COVID-19 crisis has not drastically impacted the underwriting results of non-life insurers in Korea, according to AM Best.
The South Korean government plans to lower reinsurance market entry barriers to promote competition by carving out reinsurance from non-life insurance regulations.
Loans extended by South Korean insurance companies rose by 1.6% in the first quarter, but the loan default rate remained unchanged, the financial regulator has said.