The Financial Services Commission (FSC) has enacted an enforcement decree and a supervisory regulation setting out details for the management of financial benchmarks as the Financial Benchmark Act will go into effect on 27 November 2020.
The Korean insurance industry's profit needs to reach at least KRW10tn ($9bn) to meet market expectations with interest rates remaining low. However, the combined profit of the industry was around half of this, standing at KRW5tn, according to the Korea Insurance Research Institute (KIRI).
During its regional day of service in Asia Pacific this year, Chubb expanded its community outreach efforts to cater to the essential needs of vulnerable segments of communities impacted by the COVID-19 pandemic, in addition to increasing educational opportunities for underprivileged children.
Samsung Fire & Marine (SFMI) announced yesterday that it has adopted a plan to stop insuring new coal projects, making it reportedly the first Asian insurer to do so.
South Korean insurance companies will now be obliged to hold deliberations by internal committees before exercising indemnity rights against minors and economically vulnerable people and the result of the deliberations should be disclosed to the public.
South Korean non-life player, Heungkuk Fire & Marine has launched a short essay-writing competition with the theme of fighting COVID-19. Through this campaign the company wants to generate a positive mood in society that has been impacted by the prolonged COVID-19 pandemic.
AI can help the current underwriting process to be more accurate and efficient, according to a recent pilot project conducted by a South Korean medical AI company, Lunit, and Taiwan's Cathay Life Insurance.
Growing InsurTech group bolttech has announced its expansion into South Korea through the launch of its partnership with LG U+, one of South Korea's largest telecommunications carriers.
South Korea's state-run trade insurance company has failed to recoup around KRW1.4tn ($1.2bn) in local exporters' losses arising from the latter's deals with foreign companies.
With fewer people engaging in outdoor activities and making insurance claims during the second wave of the COVID-19 pandemic in South Korea, major life and non-life insurers are expected to enhance their profitability in the third quarter of 2020.