The South Korean insurance regulator, Financial Supervisory Service (FSS), has made its oversight for the insurers stricter to ensure that the insurers do not inflate the expected income mentioned in recruitment advertisements for side-hustle agents.
South Korea's Financial Services Commission (FSC) will establish an AI-powered insurance fraud prevention infrastructure as part of its broader financial sector reform agenda for the second half of 2026, with the measure aimed at strengthening the detection and prevention of insurance fraud.
MSIG Asia has appointed Mr Ronak Shah as Regional CEO, effective 1 October 2026. In addition to leading the insurer's operations across Southeast Asia, Hong Kong, India and Oceania, Mr Shah will assume regional leadership responsibility for Mainland China, Taiwan and Korea.
The Korea Federation of Small and Medium Enterprises (KFSME) will offer a 5% discount on premiums for product liability (PL) insurance and mutual aid products to small and mid-sized manufacturers that have built smart factories, reported the ChosunBiz.
South Korea's Ministry of Health and Welfare announced that it will conduct a three-month investigation from August to October, targeting medical institutions identified as having a high risk of fraudulent claims, including those suspected of operating as 'manager hospitals', which are illegally operated hospitals that are effectively controlled by non-medical investors while using licensed doctors as nominal operators.
Hyundai Marine & Fire has launched Naemomen (N) Matchum Ganpyeon Health Insurance -- a tailored health insurance product which applies differentiated premium burdens and coverage limits by reflecting medical history for each disease.
South Korean police have raided the Jaseng Hospital of Korean Medicine and its affiliated medical foundation over an alleged insurance fraud scheme.
The Financial Services Commission and the insurance industry have taken a decision to return over KRW10tn ($6.5bn) in hidden insurance benefits to policyholders or beneficiaries this year, reported the Chosun Daily.
Heungkuk Fire & Marine Insurance has decided to participate in the final round of bidding for Yebyul Insurance, with Korea Investment Holdings also expected to submit a bid, boosting prospects for the completion of the insurer's sale.
Competition, workplace safety accountability and financial pressures are shaping South Korea's risk agenda, according to findings from Aon's 2026 Global Risk Management Survey.