Browsing: South Korea

South Korean insurance companies reported a decline in net income for the first quarter of 2025 despite an increase in premium income.

Financial Supervisory Service recommends management improvement due to weak capital adequacy

South Korean insurance companies saw a 4.6% year-on-year increase in net income to $10.32 billion in 2024, driven primarily by higher investment income across both life and non-life insurance sectors.

South Korea’s insurance industry reported a decline in capital adequacy ratios under the Korean Insurance Capital Standard (K-ICS) framework in Q4 2024.

South Korean domestic insurance companies’ overseas businesses turned a profit in 2024, with combined net income reaching $159.1m, according to the Financial Supervisory Service.

South Korean life insurers reported a combined net profit of KRW5.6tn ($4.26bn) in 2024, despite facing regulatory pressures and declining interest rates.

South Korea’s travel insurance premiums hit a record high in 2024, driven by increased overseas travel, with major non-life insurers seeing significant growth.

South Korea’s Financial Supervisory Service has instructed non-life insurance companies to revise caregiver health insurance coverage due to consumer complaints and disputes.

South Korean non-life insurers are engaging in aggressive price competition and offering differentiated services to capture the rapidly growing travel insurance market driven by the surge in overseas travelers.

The Financial Services Commission is working to find the best solution for MG Non-Life Insurance Co., which faces potential liquidation.