Korea

This revision aligns with the compulsory fire insurance requirement in Korea.

CAGR from 2016 to 2022 reached 8.6%.

Insurers are seen to exhibit enhanced financial performance in the short term, mainly because of improvement in investment yield and focus on higher-value-added businesses.

It accumulated a total of $3.3b in net income.

K-ICS ratio without applying transitional measures stood at 192.7% at the end of the first quarter of 2023.

Its net income also saw a 15.8% contraction to KRW578b.

Underwriting performance is also seen to improve in the next few years.

Janice (Jae-Kyung) Mo will be succeeding Edward Kopp.

Aggregate profits of Korean insurers saw a 34.9% surge in 2022.

This was boosted by the agricultural and fishery disaster insurance scheme.

The Korean insurance market is expected to grow by 2.1% in 2023.

Analysts, however, warn that this may increase competitive pressure.

The decline came as a hike in bond yields incurred valuation losses from bond investments.

Top general insurers had  $16.82b in premiums through credit cards in 2020.

Outstanding loans totaled $224.4b as of end-December.

This was partly attributed to lower car accidents during the pandemic.