NongHyup Property and Casualty Insurance Company (NH P&C) has posted an adequate operating performance, with a weighted five-year average operating ratio of 97.4% (2017-2021) and a return-on-equity ratio of 4.4%, notes AM Best.
Meritz Fire & Marine Insurance has posted strong profitability in recent years, supported by consistently superior investment performance and improved underwriting performance, notes AM Best.
Kyobo Life Insurance has been continuously incorporating sustainable development concepts into its business strategies and the effort has been acknowledged in an industry-wide index for its socially responsible efforts.
Insurers have been watching their capital ahead of the new International Financial Reporting Standard 17 (IFRS 17) taking effect in January next year.
The Financial Services Commission and the Financial Supervisory Service have announced plans to loosen rules governing the insurance sector.
The increasing use of electric vehicles (EVs) has been driving the growth of the car insurance market for EVs in Korea, according to a blog posted by Korean Re on its website.
The life insurance market in Advanced Asia Pacific is expected to see premiums decline by 6% in real terms in 2022, according to Swiss Re Institute (SRI).
Prosecutors raided seven property insurance companies yesterday on allegations that they colluded to rig prices in the bidding for government contracts seeking property insurance coverage for public rental houses, Yonhap News Agency reported citing officials.
MetLife Korea, a leading player in the country's foreign exchange insurance market, has recently launched a new whole life insurance that can be switched to a dollar insurance if certain terms are met.
Moody's Investors Service has assigned an insurance financial strength rating (IFSR) of 'A2' to Seoul-headquartered KB Insurance (KBI). The outlook is 'Stable'.