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.
The Korea Insurance Research Institute (KIRI) has suggested that the scope of insurance coverage of mental illness be widened as health problems become common in South Korea with 60% of adults in Korea reporting that they have experienced mental health difficulties in the past year.
The combined net income of insurance companies that offer motor insurance reached KRW332.2bn ($248m) in the January-June period, down by 40.2% from KRW555.9bn for the corresponding period last year, according to the preliminary data from the Financial Supervisory Service (FSS).
Fitch Ratings has revised the outlook on South Korea-based Hanwha Life Insurance's (HWL) Insurer Financial Strength (IFS) Rating and Long-Term Issuer Default Rating to 'Positive' from 'Stable'. HWL is among the country's top three life insurers.
Woori Financial Group (Woori FG) has signed a stock purchase agreement to acquire Tongyang Life Insurance and ABL Life Insurance for a total sum of KRW1.55tn ($1.15bn). Woori FG will acquire a 75.34% stake in Tongyang Life for KRW1.28tn and a 100% stake in ABL Life for KRW265.4bn.
Insurance companies in South Korea, comprising 22 life insurers and 31 non-life insurers, generated KRW9.37 ($7bn) in preliminary net income for the first half of 2024, up by KRW253.6bn or 2.8% from the corresponding period a year earlier, according to preliminary data released yesterday by the Financial Supervisory Service.
The combined net profit of South Korea's five major non-life insurers reached KRW4.84tn ($3.6bn) in the first half of this year, 22% higher than in the corresponding period in 2023.
The Financial Services Commission (FSC) has introduced a roadmap to bring about improvements to IT network security in the financial services industry, the regulator says in a statement.
Kyobo Life Insurance has announced that the Kyobo Life Cup Youth Athletic Competition, a nationwide sports event for young athletes, has completed its 21-day run early this month.
The results of Hyundai Marine & Fire Insurance Co's (HMF) long-term insurance lines are expected to improve from premium rate increases and the company's efforts to improve the medical indemnity loss ratio trend, while both auto and general lines remain relatively stable, said AM Best.