South Korean (re)insurers are looking at losses estimated to be around KRW90bn ($61.8m) from the devastating wildfires in Los Angeles. DB Insurance and Korean Re are likely to bear the largest impact, of these losses.
As of the end of December 2024, the increase in domestic employment insurance subscribers in South Korea recorded the lowest level in 55 months since May 2020. Compared to other years it was the lowest in 21 years since 2003.
Miller has announced new appointments to its further expansion into Asia with the launch of Miller Korea. They are Mr David Kim as head of Korea, Mr Andrew Kim, Mr Tae Hoon Kim and Ms Youngkum Yoon as head of finance and operations.
South Korea's life insurance industry has been facing tough times struggling with a protracted period of low interest rates and a decrease in the number of economically active people due to population ageing.
A new analysis of South Korea's national health insurance data from 2008 to 2020 has revealed that higher the level of an individual's income, the longer and healthier life the person leads. In South Korea, the gap between the average life expectancy of the richest and the poorest is around nine years.
Shinhan Life Insurance has introduced a pension insurance product guaranteeing a minimum annual interest rate of 7%, challenging the pension insurance market.
The month of November 2024 saw motor insurance loss ratios surge for major motor insurers in South Korea. As the loss ratios breached the 90% mark, it increased the probability of a hike in motor insurance premium.
Kyobo Life Insurance has launched a health product that covers for dementia treatment, including dementia tests, diagnosis, hospitalisation, treatment, and nursing.
Sales commissions paid to insurance agents will be distributed monthly over a period of 3-7 years to improve the retention rate of insurance policies, beginning in the first quarter of next year.
Korean Reinsurance Company (KRE), as the dominant and only local reinsurer in South Korea, was ranked as the sixth-largest IFRS 17 reporting reinsurer in the global reinsurance market in terms of gross insurance service revenue (ISR) in 2023, supported by a strong domestic market base and growing overseas business, notes AM Best.