News

By Yoon Young-sil | Business Korea | January 23, 2025

FSC and FSS Announce Best Practices for Insurance Executives’ Compensation Systems

The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) announced the “Best Practices for Compensation Systems for Insurance Executives” on Jan. 23. The best practices were established during the 6th Insurance Reform Meeting held on Jan. 21. The new policy mandates that starting next year, a significant portion of insurance company executives’ performance bonuses must be paid in stocks.Read More »Insurance Companies Required to Pay Executives’ Performance Bonuses in Stocks

By Choi Ji-won | The Korea Herald | January 16, 2025

South Korean insurers are bracing for losses from the massive wildfire in Los Angeles, with DB Insurance and Korean Re bearing the largest impact, costing them approximately 90 billion won ($61.8 million).Read More »South Korean insurers hit by California wildfires

By Lee Hee-jo and Chang Iou-chung | Maeil Business News Korea | December 17, 2024

South Korea’s financial authorities unveiled plans to prohibit proportional payout insurance products due to concerns over overutilized medical treatments and the financial strain on the national health insurance system.Read More »Korea to ban proportional payout insurance

By Lee Kyung-min | The Korea Times | November 12, 2024

Estranged family members will no longer be eligible to claim life insurance payouts, after the government revised the trust system law whereby claimants will be limited to those already designated by the deceased.Read More »New law sets limits on life insurance beneficiaries

Insurance Asia | October 3, 2024

S&P notes that insurers have been preparing by investing in long-dated bonds.

Korean insurers are facing increasing pressure to manage interest-rate risks and capital adequacy due to the interplay of falling interest rates and new accounting standards, particularly IFRS 17 and IFRS 9, according to S&P Global Ratings.Read More »IFRS 17 pushes Korean insurers towards lower-risk products

The acquisition is expected to bolster Woori’s non-banking sector via synergy with Woori Investment & Securities

By Jun-Ho Cha | The Korea Economic Daily | August 28, 2024

Woori Financial Group Inc., South Korea’s fourth-largest financial services provider, said on Wednesday it has signed a deal to acquire Tongyang Life Insurance Co. and ABL Life Insurance Co. from China’s Dajia Insurance Group Co. for 1.55 trillion won ($1.16 billion) to bolster its non-banking business.Read More »Woori signs $1.16 bn deal to acquire Tongyang, ABL Life from China’s Dajia

By Lee Kyung-min | The Korea Times | July 31, 2024

Half a dozen local life- and non-life insurers remain unable to seal mergers and acquisitions (M&A) deals, hamstrung by an industry-wide slowdown and a lack of buyout market enthusiasm from capital-abundant financial groups, market watchers said Wednesday.Read More »Korea’s insurance M&A market stagnant due to failed deals

By Jong-Kwan Park | The Korea Economic Daily | July 19, 2024

It is the third time the financially distressed insurer’s sale has been canceled amid tepid investor interest

The sale of South Korean mid-sized insurer MG Non-Life Insurance Co. has been canceled as the financially distressed insurer failed to attract any bidders on Friday.Read More »MG Non-Life Insurance deal falls through with no bidders