non-life insurers Archives

Insurers Race to Secure Exclusive Rights for Innovative Products

SEOUL, Oct. 7 (Korea Bizwire) — South Korea’s non-life insurers are escalating a fierce competition to secure “exclusive usage rights,” which grant temporary monopolies over newly developed insurance products, as the industry pushes for innovation amid slowing growth in traditional sectors such as auto coverage. According to the General Insurance Association of Korea, domestic insurers [...]

S. Korean Non-life Insurers’ Combined Net Profit Falls 39.5 pct in 2019

SEOUL, Feb. 16 (Korea Bizwire) — Major non-life insurance firms in South Korea saw their combined net profit fall 39.5 percent last year due to increased losses from their automobile and health insurance segments, industry data showed Sunday. The top eight non-life insurance firms operating in the country reported a combined net profit of 1.75 [...]