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.
Extreme cold weather conditions in South Korea resulted in a surge in the loss ratio for motor insurance.
Insurance companies in Korea will soon have the opportunity to explore new business ventures, including medical care, healthcare, and services for companion animals, as financial authorities broaden the scope for insurers to operate subsidiaries.
South Korea's regulator, the Financial Services Commission, has announced its plans to ease capital adequacy requirements for insurers under the Korean Insurance Capital Standard (K-ICS).