SEOUL, Aug. 10 (Korea Bizwire) — As a large number of vehicles have suffered from water damage due to the heavy rain that hit Seoul and surrounding regions late Monday, the share prices of non-life insurance companies slipped the following day. Shares of Lotte Insurance closed at 1,740 won on Tuesday, down 1.97 percent from [...]
SEOUL, Aug. 9 (Korea Bizwire) — The monthly income of life and non-life insurance planners has declined due to the worsening of the sales environment and the deterioration of channel competitiveness caused by the COVID-19 pandemic, a research institute said. According to the latest report published by the Korea Insurance Research Institute, the average monthly [...]
SEOUL, Aug. 4 (Korea Bizwire) — Banks in South Korea have offered hefty bonuses to their executives on the back of the profits they chalked up by steadily raising interest rates over the past three years, a lawmaker said Wednesday. The aggregate value of bonuses given to the executives at the nation’s top four commercial [...]
SEOUL, Aug. 4 (Korea Bizwire) — Insurance companies in South Korea are increasingly competing over children’s insurance plans. About 60 percent of the children’s insurance market, currently sized at 4 trillion won (US$3.05 billion), is dominated by non-life insurer Hyundai Marine & Fire Insurance Co., industry sources said. As of May, the company has sold [...]
SEOUL, July 11 (Korea Bizwire) — Short-term saving products are gaining popularity as the stereotype of saving money by pouring money into deposit or installment saving products for more than one year has lost appeal. KakaoBank Corp., a South Korean internet-only bank, released the ’26 week-long installment saving product’ in June 2018, and the number [...]
SEOUL, July 5 (Korea Bizwire) — Loans issued to seniors over 60 years of age from insurance companies jumped last year, a lawmaker said Monday, citing data from the Financial Supervisory Service. Loans taken out by seniors over 60 years of age from insurance companies reached 11.16 trillion won (US$8.55 billion) as of late December [...]
SEOUL, July 5 (Korea Bizwire) — South Korea’s major insurance companies are posing a challenge to commercial banks by releasing mortgage loans with a maturity of up to 40 years. Kyobo Life Insurance Co., which is already selling policy-type 40-year mortgage products for youth and newly-wedded couples, is set to launch sales of general-type products. [...]
SEOUL, June 28 (Korea Bizwire) — Internet-only lender Toss Bank logged a rapid business expansion only nine months after its launch, backed by the convenience of mobile banking and services that target all ages, bank data showed Tuesday. Since its launch in October 2021, the online bank has opened 3.6 million new accounts as of [...]
SEOUL, June 22 (Korea Bizwire) — Citibank Korea Inc., the Korean unit of U.S. banking giant Citigroup, said Wednesday it signed agreements with KB Koomin Bank and Toss Bank to help its individual customers refinance their loans after closing its retail banking sector. Citibank Korea closed all new sign-ups for retail banking and financial services [...]
SEOUL, June 6 (Korea Bizwire) — South Korean insurance companies have toughened the screening of insurance claims, resulting in growing complaints from policyholders. It has been pointed out that insurance companies are now using on-site investigations excessively. For insurance companies, on-site investigation is an effective way to detect any possible fraud, but the problem is [...]