Pacific Life Re has appointed Mr Kenichi Kim as head of South Korea. In his new role, he will oversee the company's growth and operations in the region.
The APAC region, particularly in South Korea and Japan, experienced significant wildfires, floods and earthquakes in the first quarter of 2025 leading to billions of dollars in economic and insured losses, according to an Aon report.
South Korea's financial regulator, the Financial Services Commission (FSC), has said that financially troubled MG Non-Life Insurance Co's policy contracts will be transferred to five non-life insurers via a bridge insurance company.
The overseas businesses of South Korea's domestic insurance companies turned a profit in 2024. Their combined net income turned around by $173.4m from a loss of $14.3m in 2023 to $159.1m, according to a statement released by the Financial Supervisory Service (FSS).
The number of fraudulent health insurance claims by foreign nationals and overseas Koreans increased by 30% in 2024.
ABL Life Insurance has reported an annual return on asset management of 4.3% last year. Despite the increased volatility in the financial market, it recorded annual returns of 3% to 4% from 2017 to last year, exceeding the industry average every year. ABL Life said, "It is an achievement made by an in-depth understanding of the market environment, establishing a balanced management strategy, and rapid investment judgment."
South Korea's first digital insurer seven-year-old Carrot General Insurance is set to be absorbed into its parent company Hanwha General Insurance after posting net losses for six consecutive years. Carrot General Insurance was established in 2019.
South Korea's national health insurance system recorded its largest-ever deficit in 2024, surpassing KRW11.3tn ($7.7bn).
Tongyang Life Insurance has launched a new whole life insurance product that is designed to ease premium burdens while strengthening retirement protection by offering partial cash surrender benefits during the premium payment period.
The Non-life Insurance Association announced it has entered into a business agreement with the Seoul Family Court, the Korea Social Workers' Association and the Korea School Social Workers' Association to assist children and teenagers under the care of legal guardians.