South Korea's top life insurer Samsung Life Insurance saw its net profit climb by 71.6% for the first half of the year to KRW1.23tn ($1.05bn), compared to the corresponding half last year, despite a 75% plunge in second-quarter earnings this year.
Korea's aging population poses a key challenge to the country's insurers in coming decades, with the share of the population aged 65 or above set to double to 32% by 2040 from 16% in 2020, according to a new report by Moody's Investors Service.
AI can help the current underwriting process to be more accurate and efficient, according to a recent pilot project conducted by a South Korean medical AI company, Lunit, and Taiwan's Cathay Life Insurance.
Kyobo Life Insurance will be able to start selling insurance products in Myanmar by the end of next year after receiving business approval from the Myanmar government.
South Korean life insurance companies are launching mini-plans, with affordable premiums and simple insurance policies to target at young customers, that are becoming a new trend in the insurance industry, according to The Korea Life Insurance Association.
Over three quarters (76.6%) of respondents in a recent survey say they would use healthcare value-added services provided by insurers such as health counselling, discounted genetic testing for cancer and pharmacogenomics testing.
The majority of the insurance industry is in the midst of tackling the significant challenges posed by the implementation of material accounting and actuarial system changes required to comply with the new IFRS 17 regulation on how insurance contracts should be accounted for. In recognition of the sheer complexity of this regulatory change the mandatory "go-live" date has been shifted to 1 January 2023, adding an extra twelve months for insurance companies to complete their work.
Controversy has erupted over a Bill which proposes to consider pet insurance as a form of life plan to reflect the fact that insurers are dealing with another kind of life. The argument is over how pets are to be identified in insurance plans.
Health insurance costs for Koreans suffering from panic disorder, a common mental condition, jumped by 18.6% annually from KRW31.2bn ($26.87m) in 2014 to KRW61.6bn last year according to a Korea Bizwire report citing latest data analysis released by the National Health Insurance Service (NHIS).
Genoplan is a genetic testing company backed by big-name venture funds such as Softbank Venture Asia, Samsung Venture Investment, and GC Pharma. Asia Advisers Network finds out how it has helped its partners in the insurance industry improve sales conversion rate by as much as 600%.
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