The Korea Insurance Development Institute (KIDI) is developing an AI-based system that will help insurers calculate the costs of vehicular accidents quicker.
Rigid regulations, strong labour unions and a risk-averse culture among South Korea's large family-run conglomerates ('chaebols') have hindered the growth of startups in the country, said a recent Reuters report.
South Korea's fifth largest conglomerate Lotte Group is seeking buyers for three financial units, including Lotte Non-Life Insurance, so as to comply with rules regarding holding companies.
Korean Re maintains a strong presence in South Korea, with a share of more than 60% in this insurance market in 2017, which AM Best expects will not be challenged in the short to medium term.
Kyobo Life Insurance, South Korea's third largest life insurer by total assets, has announced it would seek an initial public offering by the second half of next year to raise capital.
South Korea's life insurance companies suffered a combined operating loss of KRW17trn ($15.17bn) in the first nine months of this year. However, they managed to post a net profit during the period on the back of investment gains that more than offset the losses in the insurance business.
KB Insurance is the latest South Korean insurer to plan to invest in Vietnam. It will buy a stake in Vietnam's third biggest non-life insurance company so as to carve out a niche for itself in the Southeast Asian country's growing insurance market.
Korean insurers are expected to continue searching for capital-raising opportunities to boost their capital buffers amid the progressive tightening of the country's regulatory capital regime, according to the latest research by Fitch Ratings.
A fire that damaged equipment belonging to the leading wireless and fixed-line services provider in central Seoul on Saturday took out a wide range of electronic services in affected areas, highlighting the risks of vulnerability to infrastructure damage in a super connected city.
Four out of 10 life planners in South Korea may lose their jobs once employment insurance becomes mandatory for employees with jobs categorised as "special labour" in South Korea.