The Ministry of Health and Welfare has indicated significant changes to the country's health insurance payment standards in a bid to improve financial stability and prevent fraud.
Life insurers are expanding their in-house digital-related units or seeking partnerships with fintech firms to increase their tech capabilities.
Kyobo Life Insurance has been continuously incorporating sustainable development concepts into its business strategies and the effort has been acknowledged in an industry-wide index for its socially responsible efforts.
MetLife Korea, a leading player in the country's foreign exchange insurance market, has recently launched a new whole life insurance that can be switched to a dollar insurance if certain terms are met.
According to a new study conducted in South Korea and published recently in JAMA Network Open, people who increased their alcohol consumption also increased their cancer risks when compared to a control group that made zero changes to their drinking habits.
ABL Life Insurance has launched a new insurance product for dementia patients and their family members this month.
The monthly income of life and non-life insurance planners has declined due to the worsening of the sales environment and the deterioration of channel competitiveness caused by the COVID-19 pandemic, a research institute said.
Samsung Life Insurance Co, the country's top life insurer, has reported a 72.9% plunge in its first-quarter net profit due to losses from its variable life insurance business amid recent stock market volatility.
Nearly 60% (specifically, 58.5%) of life insurance planners quit the sector or have negligible sales performance before the end of their first year in business, amid a prolonged COVID-19 crisis.
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.
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