South Korean financial authorities have cracked down on corporate insurance general agencies (GAs) engaged in illegal practices of paying insurance premiums on behalf of policyholders.
Markel Insurance has appointed Mr John Bang as its inaugural Head of Korea and Japan.
The number of new employment insurance subscribers showed signs of recovery in January 2026, returning to the 200,000-mark for the first time in 15 months.
The National Police Agency will carry out a nationwide special enforcement campaign targeting insurance fraud and illegal medical institutions for nine months, from 2 February to 31 October. The campaign involves intensified and coordinated investigations.
Korean Reinsurance Company (Korean Re) has formally established its India Branch in Gujarat International Finance Tec-City (GIFT City), India's international financial services hub. The company announced in a press release that it held an opening ceremony on 20 January 2026.
Proposed new core capital ratio requirements in South Korea will enhance the quality of insurers' capital and sector resilience, but insurers could face challenges in optimising capital structures depending on the costs of capital strengthening, Fitch Ratings says.
The Financial Services Commission (FSC) has announced that an update has been made to the standard information consent form in the insurance industry on 2 January 2026 to promote retrocession contracts. This update will help insurers spread risk and enhance stability in claims payouts for policyholders.
Called "Shinhan Tontine Annuity Insurance," the insurance offers higher pension payouts the longer the policyholder lives.
Insurance companies are facing pressure as major corporate general agencies (GAs) push for new incentives for third-year contract retention.
Korean insurers are expected to recalibrate their capital strategies to focus on accumulating sustainable core capital in the wake of an announcement by the Financial Services Commission and Financial Supervisory Service about new capital ratio requirements that are to be implemented on 1 January 2027. Otherwise, the insurers may face binding constraints and regulatory intervention.