South Korea Archives - InsuranceAsia News https://insuranceasianews.com/country/south-korea/ Fri, 11 Oct 2024 06:09:21 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Samsung Fire’s stable underwriting, low COR to help maintain market leadership: AM Best https://insuranceasianews.com/samsung-fires-stable-underwriting-low-cor-to-help-maintain-market-leadership-am-best/ Fri, 11 Oct 2024 06:09:05 +0000 https://insuranceasianews.com/?p=164639 The rating agency has affirmed the insurer's financial strength rating of A++ (superior).

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South Korea’s Samsung Fire & Marine’s (SFM) long-term track record of strong operating performance supported by a highly stable underwriting performance with a low combined ratio compared with its...

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]]> Seoul Guarantee Insurance’s H1 loss ratios worsen as claims surge: report https://insuranceasianews.com/seoul-guarantee-insurances-h1-loss-ratios-worsen-as-claims-surge-report/ Tue, 08 Oct 2024 07:03:20 +0000 https://insuranceasianews.com/?p=164327 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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Seoul Guarantee Insurance (SGI) is reporting a sharp increase in claims as small and medium-sized businesses and individual business owners are facing a deepening financial crisis, according to local ...

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]]> Reinsurers’ risk insights, modelling vital to taming escalating nat cat losses: Swiss Re https://insuranceasianews.com/reinsurers-risk-insights-modelling-vital-to-taming-escalating-nat-cat-losses-swiss-re/ Tue, 01 Oct 2024 23:30:29 +0000 https://insuranceasianews.com/?p=163841 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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Reinsurers play a crucial role in helping insurers navigate the volatile risk environment as the frequency and severity of secondary perils and climate events rise, said Victor Kuk, head of P&C re...

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]]> DB Insurance to benefit from strong internal capital generation: AM Best https://insuranceasianews.com/db-insurance-to-benefit-from-strong-internal-capital-generation-am-best/ Sun, 08 Sep 2024 21:30:15 +0000 https://insuranceasianews.com/?p=162261 The rating agency has affirmed the Korean non-life insurer's “A+” (superior) financial strength rating and "stable" outlook.

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DB Insurance’s capital will remain resilient amid unfavourable business conditions such as interest rate movements, and be supported by its robust retained earnings and strong asset-liability manageme...

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The post DB Insurance to benefit from strong internal capital generation: AM Best appeared first on InsuranceAsia News.

]]> Korean carriers report H1 2024 12.2% net income increase to US$4.3bn https://insuranceasianews.com/korean-insurers-h1-2024-net-income-increases-12-2-to-us4-3bn/ Mon, 02 Sep 2024 12:55:38 +0000 https://insuranceasianews.com/?p=161885 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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South Korea's non-life insurance industry has reported a 12.2% increase in net income at KRW5.8 trillion (US$4.3 billion) for the first six months of the year (H1 2024), according to the Financial Sup...

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]]> Korea’s FSC urges insurers to speed up claims payment https://insuranceasianews.com/koreas-fsc-urges-insurers-to-speed-up-claims-payment/ Thu, 29 Aug 2024 07:45:14 +0000 https://insuranceasianews.com/?p=161617 Head of the FSC Kim Byoung-hwan also called on insurers to digitalise their insurance claim services by October.

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Kim Byoung-hwan, head of Korea’s Financial Services Commission (FSC), has called on insurance companies to swiftly pay legitimate insurance claims as he stressed the need for them to refrain from disp...

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]]> Underwriting restructuring to help Korea P&I withstand severe losses: AM Best https://insuranceasianews.com/underwriting-restructuring-to-help-korea-pi-withstand-severe-losses-am-best/ Mon, 26 Aug 2024 08:57:48 +0000 https://insuranceasianews.com/?p=161274 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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Korean protection and indemnity (P&I) insurer Korea P&I Club would be able to withstand potential high-severity losses, unlike earlier, due to its sustained underwriting restructuring initiati...

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]]> South Korean government pushes ahead with EV battery certification scheme: report https://insuranceasianews.com/south-korea-government-pushes-ahead-with-ev-battery-certification-scheme-report/ Mon, 26 Aug 2024 06:43:53 +0000 https://insuranceasianews.com/?p=161233 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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South Korea’s government and the ruling party have agreed to introduce a vehicle battery certification program aimed at alleviating public safety concerns about lethal fires involving electric vehicle...

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]]> MG Non-Life sale called off after failed fourth attempt: report https://insuranceasianews.com/mg-non-life-sale-called-off-after-failed-fourth-attempt-report/ Sun, 18 Aug 2024 22:40:31 +0000 https://insuranceasianews.com/?p=160680 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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The Korea Deposit Insurance Corporation (KDIC) has called off the sale of non-life insurer MG Non-Life after a fourth attempt at sale also failed, according to local media reports.
KDIC, the state-own...

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]]> FM appoints Sung Jun Kwon as Korea branch manager https://insuranceasianews.com/fm-appoints-sung-jun-kwon-to-korea-branch-head/ Wed, 14 Aug 2024 23:00:10 +0000 https://insuranceasianews.com/?p=160484 Seoul-based Kwon joined the commerical property specialist as senior business development executive last year from Aon Korea.

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Commercial property Insurer FM has appointed Sung Jun Kwon as the branch manager for its Korea branch, according to local media reports citing a company statement.
Kwon, who is based in Seoul, was sen...

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