The Korea Deposit Insurance Corporation (KDIC) has initiated steps for the sale of MG Insurance, previously known as MG Non-Life Insurance.
South Korea's 22 life insurers have pledged to adopt consumer-centered management policies, including shifting all decision-making to consumer standards.
The overseas businesses of South Korean insurance companies recorded a net income of $197m in 2025, $37.9m higher than the $159.1m recorded a year earlier, according to data released by the Financial Supervisory Service.
The General Insurance Association of Korea (GIAK) has launched the financial sector's first consumer protection council in line with financial authorities' push to strengthen consumer safeguards, reported the Chosun Daily.
South Korea's non-life insurance sector is introducing special discount provisions for auto insurance premiums in alignment with the government's two-day vehicle restriction policy, which aims to address oil price instability stemming from tensions in the Middle East.
The petroleum supply shock from the Iran-US War looks likely to cost global GDP growth about 0.5% - 0.6% with potential losses rising the longer the Strait of Hormuz remains effectively closed, said Eastspring Investments in its quarterly outlook report.
Swiss Re has appointed Ms Anna Ziswiler as Head P&C Reinsurance for Southeast Asia, Hong Kong, India, Korea and Taiwan, effective 1 May 2026. She will become a member of the P&C Re Management Team.
The Financial Supervisory Service announced that, together with the Korea Insurance Development Institute and non-life insurers, refunded KRW1.36bn ($1.0m) in improperly inflated motor insurance premiums to 2,289 victims of auto insurance fraud last year, reported Yonhap news.
South Korea's financial regulators are calling on insurers and banks to play a bigger role in long-term investment as the government seeks to unlock capital for "productive finance" and support strategic sectors including infrastructure and energy transition projects.
Hanwha Life Insurance has launched Hanwha Life Dementia Care Plus Insurance, a new product designed to provide comprehensive coverage for dementia and long-term care needs, while also supporting retirement planning.