The South Korean government said yesterday that it plans to launch a population policy task force next month in an effort to tackle the country's chronic low birthrate and rapid aging, according to a Yonhap News Agency report.
Insurance companies in South Korea are accelerating efforts to speed up digitalisation of their operations as Internet giant Kakao Corp pushes to establish the nation's third digital general insurer.
The government is running a pilot health insurance project which reimburses the costs of herbal medicine, in the face of opposition largely from Western-trained medical community.
Korea's aging population poses a key challenge to the country's insurers in coming decades, with the share of the population aged 65 or above set to double to 32% by 2040 from 16% in 2020, according to a new report by Moody's Investors Service.
Only three out of 10 (31.3%) middle-aged South Koreans are sufficiently prepared for their later lives because most have to take out their retirement savings to pay for the education and weddings of their children.
South Korea's aging population poses a key challenge to the country's insurers in coming decades, with the share of the population aged 65 or above set to double to 32% by 2040 from 16% in 2020, Moody's Investors Service says in a new report released yesterday.
South Korean insurance companies need to increase the proportion of performance-related pay, such as restricted stock units and stock options, in the annual remuneration of their CEOs, says the Korea Insurance Research Institute (KIRI).
Korean Reinsurance has shown adequate operating performance that is underpinned by relatively low volatility in its underwriting profit yet with a thin margin over the past five years, thanks to a large proportion of personal line business, notes AM Best.
NongHyup Property and Casualty Insurance (NH P&C) has posted net profit of KRW42bn ($38.7m) for the first half of 2020, from KRW6bn for the corresponding half of 2019, driven by improved claims experience in the long-term and government policy insurance lines, as well as a normalised expense ratio, notes AM Best.
A pilot programme under which the national health insurance system covers several types of herbal medicine has been welcomed by practitioners of traditional Korean medicine but criticised by Western-trained medical doctors.