Country: South Korea Page 2 / 25
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- July 2 2024
RGA, Tongyang Life ink first cross-jurisdictional coinsurance deal in Korea at US$144m
The deal, which will allow an RGA subsidiary to reinsure a US$144m block of life policies, is expected to help Tongyang Life respond to future interest rate volatility.
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- June 27 2024
Korean battery plant fire claims likely to leave reinsurers unscathed
The primary insurers, KB Insurance and DB Insurance, are expected to retain the losses from the blaze at the Aricell unit as property and liability claims are expected to be relatively low, InsuranceAsia News understands.
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- June 24 2024
Lotte Insurance final bids due June 28, Woori remains in the race
The sale by PE owner JKL Partners, managed by JP Morgan, is targeting US$1.45bn price tag for the carrier.
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- June 17 2024
Allianz Korea elevates Jin Kim to head of natural resources and construction
Seoul-based Kim has been at the German insurance group for five years as a senior property underwriter.
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- June 13 2024
KFINCO vulnerable to cyclical construction sector, economy: Fitch
The ratings agency affirmed Korea Finance for Construction Insurance's financial strength rating at 'A' (strong), with a stable outlook.
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- June 6 2024
Korean regulator to review CSM metric targeting insurers’ profit inflation: report
The Financial Services Commission is considering changes to the amortisation method that insurers apply to contractual service margin (CSM), as some critics have argued it has allowed insurers to inflate short-term profits.
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- June 3 2024
Seoul Guarantee Insurance partners Asuransi Asei to grow Indonesian surety presence
The two insurers will explore new revenue models and establish joint underwriting and reinsurance plans for the surety and credit insurance markets.
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- May 27 2024
Tropical cyclone landfalls in East Asia set to be above-normal: Guy Carpenter
The western North Pacific region will likely see 19 to 21 tropical cyclone formations this year, which is near-normal activity, according to the reinsurance broker.
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- May 17 2024
Starr Insurance launches in Korea with Paul Choi in charge
Choi was formerly Aon Korea's chief broking officer and has been named CEO of the insurer's new branch in Seoul.
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- May 13 2024
Localised products key for W&I growth in ‘underserved’ north Asian markets
Domestic carriers in China and Korea could take cues from Japanese players to launch products that serve the needs of local clients.
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- May 6 2024
Asian insurance pricing moderates across lines but Japan, Taiwan, Philippines buck the trend: Marsh
Japan was the only Asian country that saw price increases in all lines of business, other cat-exposed markets like Taiwan, Philippines and Indonesia saw strong hikes in property classes but saw varying trends in other lines.
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- April 30 2024
Dual launches title insurance for real estate, M&A deals in select APAC markets
The MGA's new offering will focus on commercial property deals in Australia, New Zealand, Hong Kong, Singapore and M&A transactions will also extend to Japan and South Korea.
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- April 25 2024
South Korea mandates liability cover under new data, crypto regulations: Korean Re
The market, which was hit by US$555m in summer rainfall losses last year, is set to benefit from compulsory insurance norms and the local players will also see easing of overseas expansion regulations, a report by the reinsurer says.
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- April 23 2024
Asia warming faster than global average, hit by 79 weather-related disasters in 2023: WMO
Floods and storms are causing the highest number of reported casualties and economic losses, whilst the impact of heatwaves became more severe, according to a report from the UN climate agency.
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- April 23 2024
Korean insurers remain resilient to overseas commercial real estate deterioration: Fitch
A steady increase in the release of contractual service margins, driven by sound underwriting performance, will continue to support Korean insurers’ profitability despite volatility in their investment returns, Fitch said.
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- April 18 2024
Exit-bound Lotte Insurance owner shopping for overseas private equity buyers: report
South Korea’s JKL Partners is reportedly in talks with JC Flowers to sell the Korean non-life carrier in a sale process run by JPMorgan.ts valuation.
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- March 28 2024
1.4: South Korean cedents to see single-digit rating increases
While the market has yet to fully recover from the past years’ big industrial and cat losses, reinsurers are comfortable with where the rates, terms and conditions are now.
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- March 26 2024
Korea unveils US$190m trade insurance fund to promote exports
The fund will “drastically improve the terms regarding recipient eligibility" and benefit a wide range of sectors ranging from shipbuilding, petrochem to K-pop.
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- March 22 2024
Exclusive: Hyundai Insurance and Korea P&I Club on hook after Keoyoung Sun tanker sinks off Japan coast
A total hull loss is expected for the vessel insured at U$S2.25 million and there is no estimate for the cargo loss yet, industry sources say.
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- March 11 2024
Overseas premium of Korea’s four major non-life insurers surpasses trillion-won milestone in 2023: report
The country’s big four have doubled their international business in the last five years led by DB Insurance, which accounts for 50% of the overseas premium.
