Insurance News ME

Aviva, Woori to sign $145 mln S.Korea insurer deal

British insurer Aviva and South Korea's Woori Finance Holdings have agreed to buy a South Korean insurance company in a consortium for 137.1 billion won ($145.2 million), both companies said on Thursday.

Aviva Agrees to Buy Stake in LIG Life Insurance of South Korea

Aviva Plc, the U.K.'s biggest insurer, said it agreed to buy a stake in LIG Life Insurance Co. Ltd. for 137.2 billion South Korean won ($145 million).

Downsize - South Korean Insurance Industry Cutting on Solicitors

South Korea, the East Asian country and the third largest Asian economy, saw its insurance industry touching astronomical heights after the 1998 Asian financial crisis.

South Korea's Woori Finance Picked To Buy LIG Life Insurance Co

A consortium of Woori Finance Holdings Co. (KSE:053000) and Britain's largest insurer Aviva Plc. on Friday was selected as the preferred bidder to acquire local insurer LIG Life Insurance Co., South Korea's leading financial services firm said.

Korea - Health Insurance Bill to Rise 8.6%

The health insurance premium is expected to increase by 8.6 percent next year, the Ministry of Health and Welfare announced Thursday.

Munich Re reportedly buys South Korean insurer

Munich Re, the world's second-biggest reinsurer, will buy a 65 percent stake in the online insurance unit of South Korea's Daum Communications Corp. (035720.KQ) for about $120 million, a newspaper said on Monday.

Bancassurance War Starts at National Assembly

Insurance companies and banks are preparing for a new round of battles over bancassurance at the National Assembly. A number of lawmakers supporting insurers handed in a revision bill of the Insurance Industry Act to nullify the expansion of bancassurance scheduled for April next year.

HSBC conducts due diligence of S.Korea life insurer

SEOUL, Oct 5 (Reuters) - HSBC Holdings Plc has been studying the books of the life insurance unit of South Korea's Hana Financial Group to buy a stake in the company, Hana said on Friday.

Korean Life Insurers See Drop in Loan default Rates

Life insurance companies in South Korea saw their loan delinquency rates drop this year from a year ago as they tightened loan screening, a trade group said Sunday.

For Insurers in Korea, TV Is Agent of Change

HONG KONG -- There aren't a lot of new ways to sell insurance policies, but in Asia some of the world's largest insurers have hit on an innovative channel: home-shopping networks.

In recent years, South Korean subsidiaries of foreign insurers such as American International Group Inc., Prudential PLC and ING Group NV have pitched term-life policies directly to consumers on late-evening TV, shaking up a market long reliant on insurance-selling housewives. Sales are up and brand recognition has improved, these companies say. Some, such as MetLife Inc., have launched similar campaigns in neighboring markets like Taiwan and mainland China.