The insurance industry is set to introduce a free 'mutual growth' insurance product for local small business owners and vulnerable groups across six regional governments --Gyeongnam, Gyeongbuk, Gwangju, Jeonnam, Jeju and Chungbuk -- by the third quarter of this year.
The South Korean financial services regulator's new consumer protection advisory committee will introduce veto rights for the chief consumer officers (CCOs) on insurers' product review committees.
The Ministry of Climate, Energy and Environment is introducing a policy-based insurance scheme, Electric Vehicle Fire Safety Insurance, to compensate for third-party damage caused by electric vehicle (EV) fires.
AIA Life Insurance Korea has secured a nine-month exclusive usage right from the Life Insurance Association of Korea for its new rider designed to cover cancer treatments based on advanced medical technologies.
South Korean insurers will invest a total of KRW8tn ($5.6bn) in the National Growth Fund over the next five years. The industry will also provide KRW40tn to productive finance initiatives, an increase of KRW3.2tn from the commitment made earlier in January.
The Financial Services Commission (FSC) will establish a joint taskforce to monitor the ongoing armed conflict in the Middle East. This initiative aims to facilitate real-time information sharing among relevant authorities and maintain a 24-hour watch on evolving market conditions.
Global trade credit risk management group Coface has forecast global growth of 2.6% this year, a slight easing from 2.8% in 2025. The forecast was made before 28 February when the US-Israel vs Iran military conflict began.
Last year, major domestic non-life insurers saw their net profits drop by double digits, driven by a KRW400bn ($278m) deficit in auto insurance.
The Financial Supervisory Service FSS), South Korea's fully integrated supervisory authority, seeks to focus on innovation, trust, stability, shared growth and future as its annual strategic priorities for 2026 and sets corresponding tasks as well to prioritise financial consumers and stabilise the financial market at the same time.
The country's five major non-life insurers plan to launch a free indemnity and windstorm and flood insurance cover for small shop owners.