Asia-Pacific life profitability outlook remains stable, though foreign exchange hedging costs may weigh on margins in Japan, says Swiss Re Institute (SRI) in a report on world insurance developments.
The South Korean government plans to launch a climate insurance cover for citizens in collaboration with the country's insurance industry in 2026.
AIA Life has appointed Mr Fisher Zhang as AIA Group regional chief executive for Korea, Mainland China and Vietnam, and chairman and non-executive director of AIA Life in Korea, as well as Mr Nathan Chuang as CEO for three years beginning 4 July 2025, a reappointment.
ABL Life Insurance has appointed Mr Kwag Hee-pil as CEO, according to news platform The Korea Times.
Fitch ratings expects the Korean insurance sector's credit fundamentals to remain sound in 2025, as a steady generation of new business contractual service margin (CSM) will continue to support their capitalisation.
Hanwha Group has appointed Mr Kwon Hyuk-woong, former vice chairman of Hanwha Ocean and Mr Lee Kyung-geun, president of Hanwha Life Financial Services as individual representatives of Hanwha Life Insurance, according to Maeil Business Newspaper. The article also noted that Mr Yeo Seung-joo, Hanwha Life Insurance vice chairman, was appointed head of Hanwha Group's management support office.
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.