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International

South Korean insurers’ overseas branches post losses

May 02, 2024 Reprints

South Korea’s Financial Supervisory Service said that the overseas branches of local insurers saw their combined net income turn to a $15.9 million loss in 2023, Asia Insurance Review reported. The agency noted that non-life insurers were hit hard by natural catastrophes. Typhoon Mawar battered Guam in May 2023 and wildfire engulfed the Hawaiian island of Maui in August 2023, together causing an estimated $106 million in damage.

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South Korean insurers’ overseas branches post losses

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