SEOUL, Sept. 17 (Korea Bizwire) — South Korea’s financial watchdog is set to return unclaimed personal pension benefits being held by insurance companies. After searching for people entitled to unclaimed personal pension benefits, the Financial Supervisory Service (FSS) found that there were a total of 3,525 personal pensions with an aggregate value of 72.8 billion [...]
SEOUL, Oct. 5 (Korea Bizwire) — Due to the increase in the aging population and decrease of a productive workforce, local insurance companies are expected to go through “degrowth.” According to the Korea Insurance Research Institute (KIRI), the insurance premiums of insurance companies are expected to fall 1.7 percent per year by 2022 compared to [...]
SEOUL, Oct. 16 (Korea Bizwire) – A new insurance program designed to protect businesses vulnerable to adverse weather conditions is currently being developed by the South Korean insurance industry, according to industry sources. Sources close to the South Korean insurance sector on Monday said a special task force formed by the Korea Insurance Development Institute [...]