Trends and Opportunities in the South Korean Non-Life Insurance Industry
During the review period, the South Korean non-life insurance market grew at a healthy rate backed by growing industrial and commercial construction markets, a positive outlook for GDP growth and increased penetration of insurance products. The South Korean insurance regulatory authority introduced a new risk-based capital (RBC) solvency regime in April 2011, replacing the old solvency model based on the EU’s solvency I regime. The proposed solvency standards will increase insurance companies’ capital requirements, allowing them to assume higher risk...
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