By Yoon Young-sil | Business Korea | December 6, 2022
The Financial Supervisory Service announced on Dec. 5 that the New Korea Insurance Capital Standard (K-ICS) would be implemented next year in step with the implementation of IFRS 17.Read More »New Korea Insurance Capital Standard to Be Implemented Soon
By Anna J. Park | The Korea Times | Oct 14, 2022
Korea Development Bank (KDB) has officially kicked off the process to sell KDB Life Insurance, appointing Samil PwC to be the lead adviser for the sale.Read More »KDB Life put up in M&A market for fifth time
By Pete Carvill | Reinsurance News | August 26, 2022
Fitch Ratings has said that the implementation of the Korean Insurance Capital Standard (K-ICS) starting 2023 is likely to have a limited impact on insurers’ ratings, although the new capital regime, together with IFRS 17, will squeeze their capital buffers.Read More »Korean Insurance Capital Standard to have limited impact: Fitch Ratings
By Matt Sheehan | Reinsurance News | August 26, 2022
Analysts at S&P Global Ratings have warned that ratings actions could be taken if insurers and reinsurers make significant changes to their risk appetite or capitalization strategies following the implementation of IFRS 17 in 2023.Read More »IFRS 17 strategy changes could affect ratings, warns S&P
By Fitch Ratings | August 22, 2022
Fitch Ratings-Hong Kong/Singapore-22 August 2022: The implementation of the Korean Insurance Capital Standard (K-ICS) starting 2023 is likely to have a limited impact on insurers’ ratings, although the new capital regime, together with IFRS 17, will squeeze their capital buffers, Fitch Ratings says. We believe the K-ICS will not materially change the underlying risk structure or fundamental business profile of insurance operations.Read More »K-ICS to Pressure Korean Insurers’ Capital; Limited Rating Impact
By Yonhap | April 25, 2022
South Korea’s antitrust regulator said Sunday it has decided to impose a combined fine of 1.76 billion won ($1.42 million) on eight insurance companies for colluding to fix bidding prices.Read More »8 insurers fined W1.76b for collusion
By Anna J. Park | The Korea Times | April 13, 2022
Kakao Pay received the green light from the country’s financial authorities Wednesday to advance into the non-life insurance market.Read More »Kakao Pay gets green light to advance into non-life insurance market
By Oxford Business Group | July 30, 2022
As insurance companies prepare for the most significant change in global accounting standards in close to two decades, how well prepared are operators in emerging markets for the transition?Read More »How prepared are emerging market insurers for IFRS 17?
By Oxford Business Group | 2022-07-13
– New international accounting standards to be implemented in January 2023
– While a positive step, their application could pose challenges for emerging markets
– Countries with more mature financial industries are better prepared for the transition
– In some cases, insurance companies rather than regulators are driving the change
As insurance companies prepare for the most significant change in global accounting standards in close to two decades, how well prepared are operators in emerging markets for the transition?Read More »How prepared are emerging market insurers for IFRS 17?
By Lee Min-hyung | The Korea Times | July 1, 2022
Competition is intensifying between Shinhan Financial Group and Kakao in the nascent digital insurance market amid sluggish growth in the conventional insurance market.Read More »Shinhan intensifies rivalry with Kakao in digital insurance