The implementation of more stringent risk measurement under the Korean-Insurance Capital Standards (K-ICS) a year ago has led to a decline in the average solvency ratio for South Korea's insurance industry, according to a new AM Best special report.
The Financial Services Commission (FSC) has issued a revision proposal related to an enforcement decree pertaining to the Act on Corporate Governance of Financial Companies.
Tong Yang Life Insurance Co (TYL) is expected to maintain a stable financial performance in 2024, underpinned by strong value-added business and continued new business CSM growth, says Fitch Ratings.
Insurance policies offered by insurers operating in Hong Kong are particularly favoured by Korean high-net-worth individuals and professionals such as lawyers and doctors.
The Financial Supervisory Service (FSS) launched on-site inspections of Shinhan Life and Kyobo Life in January 2024, and is conducting written inspections for other insurance companies.
South Korean non-life insurers saw an improvement in their motor insurance loss ratios in 2023.
South Korea will begin discussions on raising state health insurance premiums in order to make the programme sustainable amid the low birth rate and aging population, said the health ministry recently.
The government will begin discussions on raising state health insurance premiums to make the programme sustainable amid the low birth rate and ageing population, according to the Ministry of Health and Welfare.
South Korea's National Assembly last week passed an amendment to the Special Act on Prevention of Insurance Fraud, to impose heavier penalties on those who commit insurance fraud.
The insurance market in Korea is forecast to rebound in 2024, with an expected growth rate of 2.6%, following a period of negative growth in 2023, says Korean Re in a blog posted on its website.