News

By Yoon Young-sil | Business Korea | February 13, 2025

Carrot Insurance’s Deficit Narrows in 2023 but Remains a Financial Challenge

Hanwha General Insurance is contemplating the sale of management rights for Carrot Insurance, a digital insurance company it established in 2019 in partnership with financial investors, including SK Telecom, Hyundai Motor and Altos Ventures. This decision comes amid financial concerns and a complex interplay of market dynamics. Carrot Insurance, which was launched to tap into the burgeoning digital insurance market, has been a pioneer in offering innovative products like the “Per-Mile Special Contract,” the first of its kind in Korea, which calculates premiums based on driving distance.Read More »Hanwha General Insurance Considers Selling Carrot Insurance Amid Financial Strains

By Jun Ji-hye | The Korea Times | February 5, 2025

Samsung Life Insurance is reviewing a plan to make Samsung Fire & Marine Insurance its subsidiary following the latter’s recent announcement of corporate value enhancement strategies, according to industry sources, Wednesday.Read More »Will Samsung Fire & Marine become subsidiary of Samsung Life?

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