By Lee Min-hyung | The Korea Times | June 12, 2022
Shinhan Financial Group is one step closer to starting a digital non-life insurance business after obtaining regulatory approval to incorporate BNP Paribas Cardif General Insurance as a new subsidiary.Read More »Shinhan set to launch digital non-life insurance business
By Jung Jun-sup | Business Korea | June 9, 2022
Given that decreased liability burdens amid an interest rate up-cycle are to be reflected in IFRS17-based financial statements, insurers’ share prices should strengthen once their IFRS17-method figures become visible in 2H22.Read More »Insurance: IFRS17 Expectations Growing Gradually Rosier
By Jack Willard | Reinsurance News | June 7, 2022
According to a new report from AM Best, the level of preparedness in the Middle East and North Africa (MENA) for IFRS 17 varies significantly by country and by insurer, ahead of the standards effective date of January 1st, 2023.Read More »Level of preparedness for IFRS 17 in MENA varies: AM Best
By Joan Mungai | The Actuary | June 1, 2022
Joan Mungai examines the practical challenges for Kenyan insurers when it comes to IFRS 17 implementation
IFRS 17 will come into effect from January 2023, and the countdown could not be louder for the Kenyan insurance industry.Read More »Obstacle course: IFRS 17 implementation challenges for Kenyan insurers
By Chris Seekings | The Actuary | May 18, 2022
The UK Endorsement Board (UKEB) has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies.
It is the first major standard adopted by the UKEB, which is responsible for the endorsement and adoption of international accounting standards following the UK’s departure from the EU.Read More »UK Endorsement Board adopts IFRS 17
By Yoon Young-sil | Business Korea | April 15, 2022
The Financial Services Commission (FSC) announced on April 13 that it has designated MG Non-Life Insurance as an insolvent financial institution.Read More »MG Non-Life Insurance Declared Insolvent
By Anna J. Park | The Korea Times | April 15, 2022
Woori Financial Group shows interest in taking over MG Non-Life Insurance
As MG Non-Life Insurance was declared insolvent this week, its ripple effects could now adversely influence the pre-arranged sale of KDB Life to JC Partners, a major shareholder of MG Non-Life.Read More »MG Non-Life Insurance’s insolvency to hamper JC Partners’ KDB Life acquisition deal
By Jason Contant | Canadian Underwriter | September 22, 2021
Learning how to “speak IFRS 17” will be an essential skill for insurers for both ongoing effective governance and communicating business performance to stakeholders, a partner at PwC Canada said.Read More »Are you ready for the changes in IFRS 17?
By Yi Whan-woo | The Korea Times | February 14, 2022
Kyobo Life Insurance faces a bumpy road on its plan to go public during the first half of 2022, due to a protracted litigation between its chairman and the firm’s second-largest shareholder Affinity Equity Partners over a dispute concerning the private equity fund exercising a put option.Read More »Kyobo faces bumpy road to IPO due to protracted legal dispute
By Alysia Cameron-Davies | International Travel & Health Insurance Journal | January 25, 2022
Direct written premiums (DWP) set to increase to KRW262.5 trillion (US$229.5 billion) in 2025, predicts GlobalData
GlobalData calculates a rise in DWP from KRW220.5 trillion ($186.8 billion) in 2020 to KRW262.5 trillion ($229.5 billion) in 2025, with a compound annual growth rate (CAGR) of 3.5 per cent.Read More »Insurance industry growth in South Korea