The South Korean government is working to improve insurance pricing for agricultural insurance to better reflect risk levels of farmers, according to a blog published by Korean Re.
The non-life insurance market in South Korea has been demonstrating greater resilience over the last few years, notes Korean Reinsurance in its recently-published 2022 annual report.
South Korea's life insurance market is expected to grow by 0.3% in 2023, with its premiums amounting to KRW114.6tn, according to a forecast published in the 2022 annual report of Korean Reinsurance.
Insurance companies in Korea reported excellent bottomline results in 2022, with their net income surging by 11.1% to KRW9,180.1bn ($6.9bn), notes Korean Re in its 2022 annual report.
Korean Reinsurance has achieved a strong year-on-year growth of 16.4% in gross written premiums which totalled KRW9,878.6bn ($7.4bn), with net written premiums growing by 21.1% to KRW 7,337.6bn, the insurer states in its 2022 annual report.
BNK Financial Group, the holding company of South Korea's regional lenders Busan Bank and Kyongnam Bank, is considering the acquisition an insurance company to become a comprehensive financial services group.
Purchases of pet insurance have failed to keep up with growing pet ownership in South Korea.
The Financial Services Commission (FSC) has introduced measures to allow platform service providers to test operating insurance policy comparisons to enhance consumer benefits and promote competition in the insurance sector.
Kyobo Life Insurance's return on equity was about 6% for 2022, with a three-year average of 5%, notes Fitch Ratings. The insurer, which is South Korea's third biggest life insurer, continues to optimise its portfolio mix by emphasising the sale of more profitable protection-type policies.
Charles Taylor Adjusting (CTA), a leading international loss adjusting business, has formed an associateship with INCOK Loss and Average Adjusters in Korea to meet the growing client demand for its services in the assessment and resolution of large and complex claims.