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.
Extreme cold weather conditions in South Korea resulted in a surge in the loss ratio for motor insurance.
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.
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).
AIA Life Insurance has signed a memorandum of understanding (MOU) with Kakao Healthcare Corp to collaborate on advancing digital healthcare solutions (DHS).
The Insurance Regulator of Cambodia (IRC) and Korea Insurance Development Institute (KIDI) have jointly signed a memorandum of understanding (MoU) on insurance development between Cambodia and South Korea, a local Cambodian newspaper reported.
South Korea has announced stringent provisions to curb fraud in motor insurance claims and help reduce motor insurance premiums for policyholders.
CreditSights has changed its recommendation of Hanwha Life from Market perform to Underperform. According to the research firm, the recommendation attributable to its spread, which is somewhat tight to the Korean banks, and continued pressure on solvency in the face of future rate cuts.
AIA Life Korea reaffirmed its commitment to supporting the long-term growth of financial service professionals by recognising outstanding insurance agents at the 2025 Million Dollar Round Table (MDRT) Conference.