Country: South Korea Page 1 / 25
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- October 11 2024
Samsung Fire’s stable underwriting, low COR to help maintain market leadership: AM Best
The rating agency has affirmed the insurer's financial strength rating of A++ (superior).
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- October 8 2024
Seoul Guarantee Insurance’s H1 loss ratios worsen as claims surge: report
Total claims paid out in the first six months reached nearly US$400m, an all-time high, and is expected to nearly double by the end of 2024.
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- October 2 2024
Reinsurers’ risk insights, modelling vital to taming escalating nat cat losses: Swiss Re
Besides providing capacity, the reinsurer's expertise and insights on risks related to climate change and renewable energy are key to its collaboration with insurers in limiting nat cat losses, says Victor Kuk.
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- September 9 2024
DB Insurance to benefit from strong internal capital generation: AM Best
The rating agency has affirmed the Korean non-life insurer's “A+” (superior) financial strength rating and "stable" outlook.
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- September 2 2024
Korean carriers report H1 2024 12.2% net income increase to US$4.3bn
Non-life premium income for the first half of 2024 increased 4.3% from a year ago to US$45.7bn, according to the Financial Supervisory Service data.
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- August 29 2024
Korea’s FSC urges insurers to speed up claims payment
Head of the FSC Kim Byoung-hwan also called on insurers to digitalise their insurance claim services by October.
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- August 26 2024
Underwriting restructuring to help Korea P&I withstand severe losses: AM Best
The rating agency has affirmed the carrier's rating of B++ (good) with a stable outlook, driven by a strong balance sheet, adequate operating performance and the wide range of support it receives from the South Korean government.
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- August 26 2024
South Korean government pushes ahead with EV battery certification scheme: report
Set to launch in October, the certification scheme seeks to alleviate growing public concerns about lethal fires caused by EV lithium batteries, as insurers are reviewing their existing motor policies to gauge the potential losses in their books.
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- August 19 2024
MG Non-Life sale called off after failed fourth attempt: report
KDIC said that it will pursue a private sale in the future after rejecting bids from three players including Meritz Fire and Marine.
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- August 15 2024
FM appoints Sung Jun Kwon as Korea branch manager
Seoul-based Kwon joined the commerical property specialist as senior business development executive last year from Aon Korea.
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- August 15 2024
Hyundai Insurance’s H1 2024 underwriting income up 118% to US$670m
This was largely because of good results in long-term and commercial business despite motor underwriting income down 45% in the first six months of the year.
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- August 14 2024
Samsung Fire & Marine H1 insurance profit down 5% at US$880m
The South Korean carrier’s net profit for the first six months of 2024 still rose 8.2% from a year ago, supported by strong growth in investment profits.
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- August 14 2024
KDIC revives Seoul Guarantee Insurance’s listing plans: report
The state-run parent of the Korean guarantee insurer announced that it has filed for a preliminary IPO review on the Korea Exchange.
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- August 12 2024
Meritz Fire enters fray for MG Non-Life Insurance: report
Private equity firms Dayli Partners and JC Flowers are the other two existing bidders in the race.
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- August 5 2024
South Korean digital carrier Carrot gets exclusive rights to use behavioural-based motor insurance
Motor insurance, sold by 12 general insurers in Korea, is typically standardised with minimal differentiation, and therefore, exclusive rights are rare.
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- July 19 2024
Hyundai Marine & Fire Insurance’s long-term line results to improve: AM Best
The rating agency has affirmed the carrier's financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) with a stable outlook.
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- July 19 2024
South Korea’s MG Non-Life insurance gets no bidder third time in a row
Private equity firms JC Flowers and Dayli Partners, which participated in the preliminary bid in April and conducted due diligence on it, have dropped out of the deal.
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- July 19 2024
South Korea’s ‘heaviest-in-200-years’ rain to lead to motor, crop losses
The event is likely to see reinsurers introduce coverage limits for parking lots and trigger pay-outs from the government’s agricultural and fishery disaster reinsurance program.
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- July 18 2024
Virtual asset insurance to become mandatory in Korea from tomorrow
Local media reports suggest carriers are charging premiums ranging from 5% to 12%.
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- July 16 2024
Korea’s lithium fire sparks calls for global safety standards
Underwriting guidelines must consider various factors to price battery risks, including the quality of manufacture, testing and certification, and the separation and containment of units, especially in light of the Aricell factory fire.
