Insurance companies in Korea saw their capital strength improve as of the end of first half of 2022, with their average risk-based capital (RBC) ratio increasing by 9.4%p quarter on quarter to 218.8%. This improvement came after the ratio had dropped for the three quarters in a row since the third quarter of 2021 amid … Read more
Insurance market growth in Korea is expected to recover 2.1% in 2023 from 0.7% in 2022 with total premiums projected at over KRW 232 trillion, according to an outlook report released by the Korea Insurance Research Institute in October 2022. Forecast to return to positive growth in 2023 after a sharp contraction in 2022, but … Read more
The Trend of Auto Insurance Buying in Korea The use of the internet to buy personal auto insurance in Korea has been growing rapidly over the last five years. Premium income from the internet-based distribution channel or so-called the cyber marketing (CM) channel increased more than twice to KRW 4,603.5 billion from 2017 to 2021. … Read more
Revised Outlook for the Korean Insurance Market in 2022 In 2022, insurance market growth in Korea is expected to slow down to 1.2% from 2.1% in 2021 with total premiums projected at KRW 229.1 trillion, according to a revised outlook report released by the Korea Insurance Research Institute in July 2022. market is forecast to … Read more
Orders for 10 LNG carriers pushed to extensively achieve its 2022 target for total new orders (KSOE file photo) Published Jul 8, 2022 6:15 PM by The Maritime Executive South Korea’s shipbuilding industry is continuing its strong run in booking new orders with Korea Shipbuilding & Offshore Engineering, the parent company for Hyundai’s shipbuilding operations, … Read more