The Financial Services Commission (FSC) will unveil new measures in October to promote the pet insurance market.
Seoul Guarantee Insurance (SGI), South Korea's only guarantee insurance company, will go public on 3 November, the first state-run company to do so in 13 years.
Korea P&I Club's (KP&I) underwriting fundamentals and profit volatility are expected to improve over the coming years, says AM Best.
Fitch Ratings has assessed the capitalisation and leverage of a group of insurers in South Korea as 'Very Strong' and supportive of the ratings of each of the insurers.
Local insurers are feeling the impact of the climate crisis, with claims on natural disaster insurance policies more than tripled over the past five years.
The combined net profits of both non-life and life insurers in South Korea for the first half of this year soared to around KRW8tn ($5.96bn), in a new record set by the industry.
Insurers have faced challenges in providing EV drivers with adequate insurance coverage at reasonable prices due to the relatively new and rapidly evolving nature of EV technology. However, insufficient underwriting data and experience have been particular obstacles for them, says Korean Re in a blog posted on its website.
South Korean general insurers have reported 20% to 30% surge in inquiries about insurance products that cover fatal stabbings and similar assaults on individuals in public places. Recently there has been a spate in fatal stabbings and street crimes in the country's urban areas.
The insurance industry witnessed a significant improvement in its Korean-Insurance Capital Standards (K-ICS) ratio after the implementation of transitional measures to comply with the standards. At the end of the first quarter of 2023, the K-ICS ratio increased by 13.1ppt to 219% compared to the RBC ratio three months earlier, says Korean Re in a blog citing data from the Financial Supervisory Service (FSS).
The Korean insurance industry saw their business results from overseas operations improve substantially in 2022 thanks to premium income growth. Although the business results varied from country to country, operations in Asia showed better performance.