The estimated insurance losses from the unexpectedly severe floods earlier this month in South Korea will place pressure on the financial performance of the country's non-life insurers, Fitch Ratings says.
The monthly income of life and non-life insurance planners has declined due to the worsening of the sales environment and the deterioration of channel competitiveness caused by the COVID-19 pandemic, a research institute said.
Insurance companies are expected to face huge claims for vehicles damaged by flood as a result of one of the heaviest rain storms in 80 years to hit Seoul.
South Korea's two general insurers Samsung Fire & Marine Insurance (Samsung FMI) and Hyundai Marine & Fire Insurance (Hyundai MFI) have no plans to phase out existing insurance underwriting for coal according to their latest ESG reports released in July 2022.
South Korea's major insurance companies are posing a challenge to commercial banks by releasing mortgage loans with a maturity of up to 40 years.
Motor insurers are now paying more attention to InsurTech as they seek to maintain profitability during the COVID-19 pandemic because technology allows precise analyses of policyholders' driving patterns.
Aon's 2021 global risk management survey for South Korea listed business interruption and economic slowdown as the top risks that organisations faced in 2021.
Business interruption (BI) and an economic slowdown topped the list of key risks in South Korea in 2021, according to Aon, a leading global professional services company, which has announced the results of its 2021 Global Risk Management Survey for the country.
DB Insurance (DBI) has a strong operating performance that is underpinned by its five-year average combined ratio (2017-2021) which is the lowest among its domestic peers and a return on equity of 10.7%, notes AM Best.
The South Korean bourse, the Korea Exchange (KRX), has said that it has rejected an application for its preliminary approval of an initial public offering (IPO) by Kyobo Life Insurance, one of the country's leading life insurers.