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S. Korean Non-life Insurers’ Combined Net Profit Falls 39.5 pct in 2019

S. Korean Non-life Insurers’ Combined Net Profit Falls 39.5 pct in 2019

SEOUL, Feb. 16 (Korea Bizwire) — Major non-life insurance firms in South Korea saw their combined net profit fall 39.5 percent last year due to increased losses from their automobile and health insurance segments, industry data showed Sunday. The top eight non-life insurance firms operating in the country reported a combined net profit of 1.75 [...]

Banks and ATMs Losing Ground in Age of Mobile Payment Systems and Credit Cards

Banks and ATMs Losing Ground in Age of Mobile Payment Systems and Credit Cards

GWANGJU, Jan. 30 (Korea Bizwire) — Automated teller machines (ATMs) are increasingly losing ground due to a boost in credit card use and the growing popularity of Internet and mobile banking. Some predict that these automated banking devices, which have drastically changed financial culture, will gradually disappear into history. According to data from Kwangju Bank, [...]

General Insurance Firms Struggle to Survive

General Insurance Firms Struggle to Survive

SEOUL, Jan. 29 (Korea Bizwire) — South Korean general insurance companies are suffering from slowing growth and losses. The Korea Insurance Development Institute reported that total premium income among local general insurance companies in 2018 was 89.8 trillion won ($76.1 billion), up by only 3.4 percent from the previous year. The growth rate of the [...]

Controversy Sparks After Insurance Bill Says Pets Equivalent to Humans

Controversy Sparks After Insurance Bill Says Pets Equivalent to Humans

SEOUL, Jan. 28 (Korea Bizwire) — A bill has recently been proposed to consider pet insurance as equivalent to human insurance plans, raising new controversies as to how pets are to be identified in insurance programs. The bill, proposed by Rep. Kim Byung-wook of the ruling Democratic Party, intends to consider pet insurance plans as [...]

Alzheimer’s Insurance Increasingly Popular Among S. Koreans

Alzheimer’s Insurance Increasingly Popular Among S. Koreans

SEOUL, Jan. 16 (Korea Bizwire) — Insurance plans for Alzheimer’s disease have jumped in sales after the illness gained public interest in recent months. The Korea Credit Information Services reported on Wednesday that the number of applications for Alzheimer’s insurance plans reached 1.3 million early last year, up threefold since the second half of the [...]

Wealth Management Service Increasingly Popular in S. Korea

Wealth Management Service Increasingly Popular in S. Korea

SEOUL, Jan. 6 (Korea Bizwire) — South Korea’s wealth management services market is rapidly expanding as an increasing number of high-net-worth individuals in Asia’s fourth-largest economy look for reliable, effective means to manage their assets. Private banking (PB) and wealth management services have long been exclusively tailored to a limited number of customers that include [...]