Purchasers of insurance policies denominated in foreign currency have started to complain about financial losses and concerns, as the increased volatility in the global forex market triggered by uncertainties stemming from the COVID-19 pandemic hit such policies.
The Financial Services Commission (FSC) last month announced proposed revisions to the Enforcement Decree of the Insurance Business Act, setting out requirements for the establishment of insurance businesses specialising in small-amount, short-term policies and introducing measures to improve the soundness of the insurance industry.
The Financial Services Commission (FSC) will draft a policy framework this month to allow local platform operators, including Naver and Kakao, to enter the insurance market to expand customer access to digitised financial products.
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).