KB Insurance Co (KBI), South Korea's fourth biggest non-life insurer, maintains an adequate operating performance as adequate, with its return-on-equity and combined ratios being largely in line with its domestic industry average, according to an assessment by AM Best.
Pacific Life Re and Kakao Pay Insurance have signed a Memorandum of Understanding (MoU) to provide sustainable and innovative life insurance solutions in South Korea.
Called "Jongbo Inheritance Insurance", the product is a life insurance that can manage funds for inheritance and utilise various funds, focusing on the original value of life insurance and providing high death guarantees.
Korean Reinsurance will likely maintain largely stable underwriting performance over the next two years, says S&P Global Ratings. It expects the reinsurer's combined ratio to be 93%-95%, based on IFRS 17, over the next two years.
Financial institutions in South Korea, including insurance companies, have been busy with plans to attract customers who wish to switch the companies managing their pension accounts.
Reinsurance Group of America (RGA), a leading global life and health reinsurer, has reached an agreement with Tongyang Life Insurance to increase coverage of an existing co-insurance contract originally executed in June 2024. Under this arrangement, coverage is expanded by an additional KRW150bn ($109m).
Samsung Fire & Marine Insurance Co (SFM), South Korea's biggest general insurer, has a long-term track record of strong operating performance supported by a highly stable underwriting performance with a low combined ratio compared with its domestic peers, and robust investment income generated from its large asset base, notes AM Best.
Starr Insurance has announced that South Korea's Financial Services Commission has granted Starr International Insurance (Singapore) Pte Ltd, Korea branch, a licence to operate in Seoul and begin selling commercial property and casualty insurance throughout Korea.
ABL Life Insurance's newly launched product, called the 'ABL The Double Whole Life Insurance,' offers double the basic death benefit if a policyholder passes away after being diagnosed with cancer or other serious diseases.
Even as South Korea grapples with an ageing population, there has been a significant increase in the number of Koreans suffering from mental health issues. Mental health problems are rapidly growing in the country and according to an estimate one in four people experiences one or another mental health issues.