South Korea fines Coupang $409 mn after regulators found weak data controls
South Korea fines Coupang $409 mn after regulators found weak data controls, improper access, and non-consensual data collection
š°š· South Korea Insurance News
Latest insurance news from insurers and regulators of South Korea. Explore auto, home, life, P&C, pet and health insurance, including insurance rates, insights, trends, and breaking insurance news.
Most of the leading Korean Life Insurers reported a drop in shareholdersā equity
Fitch Ratingsā assessment of the company profiles of its rated Korean life insurers takes into consideration the insurersā operating scale, franchise value, business risk profiles
Hanwha Life acquires Velocity Clearing, Korean insurer entry into U.S. securities market
Hanwha Life has completed the acquisition of a 75% stake in New York-based financial services firm Velocity Clearing, marking a strategic expansion into U.S. capital markets
Coupang to pay $1.17 bn after data breach hits 34 mn users
Coupang announces ā©1.69trn ($1.17bn) compensation plan for 34mn users affected by a major data breach, offering purchase vouchers from Jan. 15
Insurtech bolttech and Lotte Himart launches home appliance switching service
Lotte Himart, electronic goods retailers in South Korea, has partnered with international insurtech bolttech to launch the countryās first-ever home appliance
Coupang data breach traced to ex-employee with system access
South Koreaās largest retailer says a former employee accessed internal systems, exposing data of 33.7 mn customers in the countryās worst cyber breach
Tiptree shareholders back DB Insuranceās $1.65 bn Fortegra takeover
Tiptree holders approve DB Insuranceās $1.65 bn Fortegra acquisition, giving the Korean carrier a US P&C platform and broader specialty reach
Upbitās self-insurance model faces new questions after $36 mn Solana hack
Upbit again absorbs losses after a $36mn Solana hot-wallet hack, showing how self-insurance works – and where it can break under stress
Hanwha Life hosts FuturePlus FinTech training for Vietnamese students
Hanwha Life welcomes 30 top Vietnamese FinTech students to South Korea for a five-day FuturePlus training program focused on AI, InsurTech, and innovation
Insurance losses from the floods in South Korea pressures on non-life insurers
The estimated insurance losses from the unexpectedly severe floods in South Korea will place pressure on the financial performance of the countryās non-life insurers
Samsung Fire & Marine Insurance invested in Canopius $570 mn
Samsung Fire & Marine Insurance (SFMI) has agreed to invest an additional $570 mn in London-based Lloydās underwriter Canopius, acquiring a further 21% equity stake
Insurtech AIFT and Shin Kong Life Insurance partnered to expand into Vietnam
Insurtech AIFT and Shin Kong Life Insurance have signed a cooperation agreement to expand into Vietnamās digital insurance sector
Korean Insurers Prepared for Decline in Commercial Real Estate Investment Values
Fitch Ratings asserts that Korean insurers are equipped to handle decreased valuations in their international commercial real estate (CRE) investments
Re/insurance broker Miller expands in Asia with Miller Korea
Re/insurance broker Miller has strengthened its presence in Asia by launching Miller Korea, focusing on delivering global specialty expertise to the Korean market
South Korea debates health insurance rewards as other nations incentivize aging well
South Korea weighs health incentives for older adults while countries like Singapore, Japan, Germany and the Netherlands already reward healthy aging
Jeju Air crash Boeing 737-800 in South Korea covered by $1 bn insurance policy
Jeju Air’s insurance policy, covering the crash of its commercial jet in South Korea on Dec. 29, provides up to $1 bn in per-event coverage
Hanwha Life Insurance acquires the parent company of Velocity Clearing
Hanwha Life Insurance plans to acquire a 75% stake in the parent company of Velocity Clearing. This move provides the South Korean life insurer with a foothold in the U.S.
LGI developed behaviour based insurance for insurtech Carrot
Insurtech Carrot General Insurance has partnered with Lippo General Insurance, Indonesia to develop a Behaviour Based Insurance solution.
K-ICS implementation will reshape South Korean insurersā strategy
The implementation of the Korean Insurance Capital Standard (K-ICS) will continue to reshape Korean insurersā operational strategy
South Korean digital insurance carrier Carrot secures $250 mn funding
South Korean digital insurance carrier Carrot General Insurance has secured a fresh funding of $25 million. Led by private equity firm Affirma Capital
Global InsurTech funding rose 19.5% to $5.1 bn, with Q4 driving momentum as deal count and average size increased sharply, marking the first annual increase since 2021
InsurTech moves past disruption narrative, focuses on underwriting, AI, and operational efficiency as funding drops and insurers demand measurable results
Bitcoin ETFs simplify the process. This structure enables you to access your exposure within an asset via an already harmonized structure within the regulations concerning settlement and risk management
Private equityās grip on US insurers deepens risk concerns as assets shift into opaque credit, offshore deals and affiliated investments