2023 is going to be a transformative year for the Korean insurance industry given that major regulatory changes are taking effect and their implications could be significant across the insurance sector, says Korean Re in a blog.
The CEOs of local insurance companies are urged to pay extra attention to risk management and market stability while refraining from over-expansion.
The latest trends in the Korean pet insurance industry are long-term insurance plans and sales in offline channels, says Shim Jun-won, CEO of Petfins, a local pet insurer.
The government will begin earnest discussions to boost the sustainability of the national health insurance system and plans to unveil reform measures by September.
The life insurance sector in South Korea will seek deregulation for digital innovation in whole sectors of the insurance industry this year, according to Korea Life Insurance Association chairman Chung Hee-soo.
New research by CoinJournal, a publication that focuses on cryptocurrency, looked at available data around major breaches and fraud since 2011 to reveal which Asian countries had experienced the most breaches and how crypto fraud has seen a record number of incidents in 2022.
Life insurers are expanding their in-house digital-related units or seeking partnerships with fintech firms to increase their tech capabilities.
Property reinsurance pricing on loss free risk and CAT programmes in ASEAN and China varies from +15% to +20% risk adjusted, and even larger increases are seen in Taiwan and Korea, says Gallagher Re in its January 2023 "1st View Market Report" released on 1 January.
The underwriting performance of Korean Reinsurance Company (KRE) has remained relatively stable despite a thin margin, mainly due to a large proportion of domestic personal lines business with loss-sensitive commission structures, states AM Best.
China's Dajia Insurance Group is seeking to divest its full stake in its South Korean subsidiary ABL Life Insurance, according to investment banking sources.