South Korea's national health insurance system recorded its largest-ever deficit in 2024, surpassing KRW11.3tn ($7.7bn).
Tongyang Life Insurance has launched a new whole life insurance product that is designed to ease premium burdens while strengthening retirement protection by offering partial cash surrender benefits during the premium payment period.
The Non-life Insurance Association announced it has entered into a business agreement with the Seoul Family Court, the Korea Social Workers' Association and the Korea School Social Workers' Association to assist children and teenagers under the care of legal guardians.
A huge surge in overseas travel has resulted in a spike in the demand for travel insurance products from non-life insurance companies.
Starting in May, the coverage of non-life insurance companies' caregiver health insurance is expected to be significantly reduced.
A series of wildfires that broke out in Japan and South Korea in March this year were fuelled by human-induced climate change according to a new rapid analysis.
New capital requirements for insurers in Korea, including a lower capital adequacy benchmark, are expected to relieve the insurers' capital burden while raising their capital flexibility and quality, said Fitch Ratings in its latest report.
The financial authorities are moving closer to announcing a reform plan that includes disclosing the calculation details of insurance sales commissions and extending the payment of the commissions over up to seven years, compared to up to two years at present.
The new whole life product, named ABL the Inheritance Whole Life Insurance, stands out by returning the premiums paid by the policyholder along with the death benefit upon the insured's death.
Allianz Trade in APAC has appointed Mr Wongi Kim as country manager for South Korea, effective 1 April 2025. He will succeed Mr Andy Ryoo, who is retiring.