life insurance Archives | Be Korea-savvy
Majority of Life Insurance Planners Fail to Survive First Year in Business

Majority of Life Insurance Planners Fail to Survive First Year in Business

SEOUL, Dec. 9 (Korea Bizwire) — Amid a prolonged COVID-19 crisis, close to 60 percent of insurance planners are failing to survive their first year in business, data showed Wednesday. The life insurance planners hired by the nation’s 20 major life insurance companies showed an average registered settlement rate of 41.5 percent (based on the [...]

Short-term Mini Insurance Plans Gaining Popularity Among Young Koreans

Short-term Mini Insurance Plans Gaining Popularity Among Young Koreans

SEOUL, Sept. 23 (Korea Bizwire) — South Korean life insurance companies are launching mini-plans that come with affordable premiums and simple insurance policies to target young customers. The Korea Life Insurance Association said on Tuesday that mini-plans are becoming a new trend in the insurance industry. Normally, a life insurance plan requires customers to pay [...]

Info on Changes to Insurance Fund Returns to be Provided by Text Messages

Info on Changes to Insurance Fund Returns to be Provided by Text Messages

SEOUL, Aug. 22 (Korea Bizwire) — A new measure will require consumers to be provided with information of sudden changes in returns for variable life insurance funds via text message. The measure comes as critics have condemned the lack of information regarding fund returns, making it difficult for consumers to take active countermeasures. The Financial [...]

Record Number of Exclusive Licenses for Insurance Products Given Out Last Year

Record Number of Exclusive Licenses for Insurance Products Given Out Last Year

SEOUL, Jan. 2 (Korea Bizwire) — Twice as many exclusive licenses for insurance products were handed out in 2017 compared to the year prior, a record breaking number. The surge in what are essentially insurance product patents was caused by two factors: the implementation of International Financial Reporting Standard 17 (IFRS17), and the government’s modification [...]

New Life Insurance Regulations Give Foreign Companies an Edge

New Life Insurance Regulations Give Foreign Companies an Edge

SEOUL, Aug. 23 (Korea Bizwire) — A report released on August 22 ranking the fourteen major life insurance companies by risk-based capital ratios showed four of the top five places occupied by foreign companies. Samsung Life Insurance held down second place with a 331.8 risk-based capital ratio (RBC), followed closely by Lina Life Insurance with [...]

Foreign Life Insurance Companies Commit More Financial Frauds

Foreign Life Insurance Companies Commit More Financial Frauds

SEOUL, Sept. 19 (Korea Bizwire) – A financial consumer organization warned more caution when dealing with foreign life insurance companies as they committed more financial frauds than Korean counterparts. According to the Korea Finance Consumer Federation (KFCF)’s analysis on the status of financial frauds including misappropriation of 24 life insurers for the past three years, [...]