SEOUL, April 29 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it plans to ease capital adequacy requirements for insurance companies to help lessen their burdens and raise the quality of their capital base. The Financial Services Commission said it will complete procedures needed to revise related laws on insurers’ capital adequacy ratio by [...]
SEOUL, Sept. 16 (Korea Bizwire) — South Korea’s major insurance companies are releasing a string of new insurance products associated with health management, based on expectations that their long-term profits will increase if customers are healthier and require less treatment for diseases and other health issues. KB Insurance Co., for example, released a special contract [...]
SEOUL, Aug. 11 (Korea Bizwire) — The torrential rain that drenched the greater Seoul area resulted in thousands of cars being submerged, putting general insurance companies on alert. A record-breaking downpour that swept through Seoul, Gyeonggi Province and Incheon last Monday resulted in 12 general insurance companies receiving 9,189 reports of submerged cars as of [...]
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, 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 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 [...]
SEOUL, March 2 (Korea Bizwire) — A number of insurance companies have filed a protest against U.S. electric vehicle maker Tesla Inc.’s policy of collecting old batteries when replacing them with new ones for their EV models. The Korea Insurance Development Institute’s Korea Automobile Insurance Repair Research and Training Center sent a letter of inquiry [...]
SEOUL, Aug. 5 (Korea Bizwire) — To become a winner in the future insurance market, traditional insurance companies and big tech firms are competing fiercely with a focus on dominating the service ecosystem in the health and mobility areas. In a report released on Wednesday, the Korea Insurance Research Institute said that the competitive edge [...]
SEOUL, Jan. 21 (Korea Bizwire) — The sense of crisis felt by South Korea’s general insurance companies is growing as internet giant Kakao Corp. is pushing to establish the nation’s third digital general insurance company. Against this backdrop, existing insurance companies are accelerating efforts to speed up their digitalization. Hanwha General Insurance Co. introduced the [...]
SEOUL, Nov. 10 (Korea Bizwire) — South Korean insurance companies will now be obliged to undergo deliberations by internal committees before exercising indemnity rights against minors and economically vulnerable people and the result of the deliberations should be disclosed to the public. This move is part of efforts to prevent the recurrence of a controversy [...]