SEOUL, April 25, (Korea Bizwire) — South Korea’s leading non-life insurers are scaling back coverage for caregiver expense riders as soaring loss ratios threaten profitability. On April 24, 2025, industry officials confirmed that companies including Samsung Fire & Marine and Meritz Fire & Marine have reduced the daily coverage limit for caregiver expenses tied to [...]
SEOUL, Nov. 25 (Korea Bizwire) – South Korean insurance firms’ earnings jumped more than 37 percent in the first nine months of this year amid the coronavirus pandemic and a bullish stock market, data showed Thursday. The combined net profit of insurance companies operating in South Korea came to 7.63 trillion won (US$6.4 billion) in [...]
SEOUL, May 4 (Korea Bizwire) — The trend of convergence in the roles of carmakers and auto insurers is forecast to accelerate as self-driving technologies continue to become more sophisticated, a report showed Monday. A growing number of carmakers are providing car insurance services by themselves or establishing joint ventures with insurance companies to develop [...]
SEOUL, Sept. 28 (Korea Bizwire) — South Korea’s financial watchdog said Friday it will implement a stricter loan screening rule for insurance companies next week to help control risk from the country’s fast rising household debt. Local insurers will have to apply to the so-called debt service ratio to almost all household loans on a [...]
SEOUL, May 19 (Korea Bizwire) – Insurance contract liabilities must be calculated based on current interest rates and provisions from 2021, when a new global accounting rule is introduced in South Korea, financial regulators said Thursday. South Korea is one of more than 100 nations that will adopt the new global bookkeeping standard, or International Financial Reporting [...]