Best's Market Segment Report: Am Best Maintains Stable Outlook On South Korea's Non-life Insurance Market

HONG KONG, Nov 15 (Bernama) -- AM Best has maintained its stable outlook on South Korea’s non-life insurance segment, noting a moderate expansion within the industry that is being driven by long-term business as non-life insurers strive to secure a stable source of future profits under IFRS 17 accounting standards.

According to the Best’s Market Segment Report, additional positive factors include new regulations that are driving insurers to improve profitability consistently over time despite intensified competition, in addition to stable underwriting results in auto and general insurance. Offsetting factors include the slower expansion of auto insurance owing to recent rates cuts and sluggish growth in motor vehicle registrations, and the further strengthening of solvency regulations that have required insurers to refine both capital and business strategies.