South Korean insurers' credit quality is expected to improve in 2021, driven by a gradual recovery in earnings, partly on the back of rising interest rates, says Fitch Ratings.
Insurers in South Korea saw their average risk-based capital ratio fall for the second straight quarter in 1Q2021 amid rising market interest rates, according to the data from the Financial Supervisory Service (FSS) data.
The Financial Services Commission (FSC) has given preliminary approval for a non-life insurance licence for Kakao. This is the first time a non-insurance company has been approved to offer digital insurance services.
KT Corp, a major telecom firm in South Korea, has joined hands with a local insurer to develop insurance plans for service robots.
Life and non-life insurers saw their combined net profit increase by KRW2.4tn ($2.1bn) to KRW3.87tn for the first quarter of this year, compared to the corresponding quarter in 2019, according to data from the Financial Supervisory Service (FSS).
Fitch Ratings has revised the rating outlook for some of the major segments in the APAC insurance industry - China life, Japan life or non-life, and South Korea life or non-life - to 'Stable' from 'Negative'.
The Financial Services Commission (FSC) plans to promote the use of digital, AI-based and contactless insurance sales mechanisms as part of a broader aim to boost consumer confidence and promote innovation in the insurance industry.
AM Best has revised its market segment outlook to 'stable' from 'negative' for the South Korea non-life insurance industry.
Nearly 42% of 1,000 people born between 1972 and 1981 said that they feel the urge to save money for their later lives, among other things, according to a report published by Hana Bank.
South Korean non-life insurers saw surge in motor insurance premiums on pent-up demand for luxury import cars.