Insurers in South Korea have tightened the liability insurance protocol, as fires and related mishaps involving electric vehicles (EVs) continue to rise in the country.
South Korean life insurer Shinhan Life is continuing to pursue a growth strategy that links business development with community-focused initiatives, with an emphasis on education and healthcare.
The Korea Life Insurance Association (KLIA) will carry out an organisational reshuffle to create a self-regulation department by reorganising the sales order management team and the advertising review team, which perform self-regulatory functions to prevent misselling and strengthen prior review of insurance advertisements.
According to the Life and General Insurance Association of Korea, premiums for the actual expense health insurance scheme, with 40m subscribers, is set to increase by 7.8% in 2026.
Korean Reinsurance Company's (KRE) dominant market position will remain unchallenged over the medium term, despite its ongoing portfolio restructuring in the domestic market, according to AM Best.
Personal accident insurance premiums for delivery riders are set to fall by 20-30% from current levels, with existing discount rates to be retained when motorcycles are replaced, like the treatment under auto insurance.
Insurance premiums are expected to rise consecutively starting next year, driven by worsening loss ratios in health insurance due to a surge in claims.
DB Insurance has moved closer to making the largest US market entry by a Korean non-life insurer, after shareholders of Tiptree, a US investment management firm, approved the planned merger of specialty insurer Fortegra and a wholly owned DB subsidiary.
The South Korean Financial Supervisory Service (FSS) has decided to stop the deviant accounting practice applicable to domestic life insurers, including the country's biggest life insurer Samsung Life Insurance.
Kyobo Life Planet Life Insurance has confirmed the appointment of its CEO, Mr Kim Young-suk, for a second term. Mr Kim's term was approved at the general shareholder's meeting in November.