A dedicated pet insurance company is all set to begin operations in the South Korean market from July, reported the Korea Times.
Samsung Fire & Marine Insurance (SFMI) has entered into an agreement to purchase an additional 21% equity stake in Canopius Group, bringing its shareholding to 40%.
South Korea's 22 life and 31 non-life insurance companies generated KRW4.097tn ($2.98bn) in preliminary net income for the first quarter of 2025, down by KRW769.9bn or 15.8% from the corresponding quarter a year earlier, the Financial Supervisory Service says in a statement.
South Korean long-term and general insurance segments will record a moderate growth rate in the year 2025 according to a market segment report by AM Best. The credit rating agency said continued refinement of the country's domestic solvency standards have also helped strengthen Korean insurers' capital management.
Gallagher Re has appointed Mr Chulmin Jang as CEO of Gallagher Korea and Mr PhilWon Jeong as chairman of Gallagher Korea.
Pacific Life Re has appointed Mr Kenichi Kim as head of South Korea. In his new role, he will oversee the company's growth and operations in the region.
The APAC region, particularly in South Korea and Japan, experienced significant wildfires, floods and earthquakes in the first quarter of 2025 leading to billions of dollars in economic and insured losses, according to an Aon report.
South Korea's financial regulator, the Financial Services Commission (FSC), has said that financially troubled MG Non-Life Insurance Co's policy contracts will be transferred to five non-life insurers via a bridge insurance company.
The overseas businesses of South Korea's domestic insurance companies turned a profit in 2024. Their combined net income turned around by $173.4m from a loss of $14.3m in 2023 to $159.1m, according to a statement released by the Financial Supervisory Service (FSS).
The number of fraudulent health insurance claims by foreign nationals and overseas Koreans increased by 30% in 2024.