A new health insurance plan for senior citizens and individuals with pre-existing conditions will be launched in April.
Hwasun County (Governor Gu Bok-gyu) has announced the renewal and implementation of the '2025 County Citizens' Life Safety Insurance,' aimed at assisting residents who have been affected by disasters and safety accidents.
Samsung Life Insurance is likely to incorporate Samsung Fire & Marine Insurance as a subsidiary, according to South Korean daily newspaper Maeil Business Newspaper, as it had unveiled a value-up plan to enhance corporate value for the first time as a listed company.
South Korea's insurance industry is expected to grow at a compound annual growth rate (CAGR) of 3.4% from 2025 to 2029, rising from $167.1bn in 2025 to $191.2bn by 2029, according to GlobalData.
South Korean (re)insurers are looking at losses estimated to be around KRW90bn ($61.8m) from the devastating wildfires in Los Angeles. DB Insurance and Korean Re are likely to bear the largest impact, of these losses.
As of the end of December 2024, the increase in domestic employment insurance subscribers in South Korea recorded the lowest level in 55 months since May 2020. Compared to other years it was the lowest in 21 years since 2003.
Miller has announced new appointments to its further expansion into Asia with the launch of Miller Korea. They are Mr David Kim as head of Korea, Mr Andrew Kim, Mr Tae Hoon Kim and Ms Youngkum Yoon as head of finance and operations.
South Korea's life insurance industry has been facing tough times struggling with a protracted period of low interest rates and a decrease in the number of economically active people due to population ageing.
A new analysis of South Korea's national health insurance data from 2008 to 2020 has revealed that higher the level of an individual's income, the longer and healthier life the person leads. In South Korea, the gap between the average life expectancy of the richest and the poorest is around nine years.
Shinhan Life Insurance has introduced a pension insurance product guaranteeing a minimum annual interest rate of 7%, challenging the pension insurance market.