Six financial sector associations, representing insurers, commercial banks, and brokerages, have lodged a joint request asking regulators to hand the boards of financial institutions more autonomy over internal affairs.
More Korean tech companies are expected to enter the country's insurance market as online distribution becomes more widespread due to the pandemic as well as the rise of more digitally savvy young consumers, according to a recent report by Fitch Ratings.
Advanced digital technologies will improve Korean insurance across the business value chain, including the introduction of more personalised and on-demand policies to the market, but may also increase competitive pressure, Fitch Ratings says.
The subscription rate for pet insurance policies in South Korea continues to be low, and the total amount of annual insurance premiums for pets last year stood at KRW15.6bn ($13.4m).
South Korea's top life insurer Samsung Life Insurance saw its net profit climb by 71.6% for the first half of the year to KRW1.23tn ($1.05bn), compared to the corresponding half last year, despite a 75% plunge in second-quarter earnings this year.
Samsung Fire & Marine Insurance, the largest non-life insurer in South Korea has posted an increase of nearly 72% in net profit to KRW744.1bn ($640m) for the first six months of this year compared to the corresponding period last year.
The operating performance of DB Insurance (DBI) is expected to remain strong over the intermediate term, supported by stabilising underwriting performance and strong investment returns, says AM Best.
Fitch Ratings has conducted a peer review of several non-life insurers in the Asia Pacific region, comparing and contrasting how key credit factors affect them.
South Korea's insurance companies have been accused of luring customers to provide their personal data through insurance plans related to COVID-19 vaccinations.