Business Insurance will be back online in October. Please check back then to subscribe/register.

All existing subscriptions will be honored. Contact with any questions.


South Korea: Insurers consider streamlining operations to tackle falling profits

Comments Email Reprints

Unfavorable market conditions are beginning to affect South Korea's insurers, which are considering streamlining operations, The Korea Times reported.

An official from a nonlife insurer said "if the situation does not improve soon, we may see large-scale restructuring at insurance firms in an attempt to reduce costs." The insurance market's net profit has declined from 6.5 trillion South Korean won ($5.9 billion) in fiscal year 2010 to KRW 5.83 trillion in 2011, KRW 5.58 trillion in 2012 and KRW 3.58 trillion during the April-December 2013 period.

Read more

More from BI