HONG KONG, Oct 31 (Bernama-BUSINESS WIRE) -- A.M. Best has a stable outlook on the South Korea non-life insurance sector, despite operating and regulatory environments that remain challenging for insurance companies.
A new Best’s Market Segment Report, titled, “Market Segment Outlook: South Korea Non-Life,” states that although the overall market is facing increased top-line pressures and tightening regulations, the industry still expects improved underwriting profitability in the coming year from premium hikes announced by South Korea’s regulator in September 2018 and the cooling-down of competition in the long-term business line. In terms of underwriting performance, the industry’s overall combined ratio has faced two offsetting trends in the past four years: a decreasing loss ratio, mainly due to premium hikes in the long-term and automobile insurance lines, and an increasing expense ratio, a result of heightened competition in the long-term insurance line.
A new Best’s Market Segment Report, titled, “Market Segment Outlook: South Korea Non-Life,” states that although the overall market is facing increased top-line pressures and tightening regulations, the industry still expects improved underwriting profitability in the coming year from premium hikes announced by South Korea’s regulator in September 2018 and the cooling-down of competition in the long-term business line. In terms of underwriting performance, the industry’s overall combined ratio has faced two offsetting trends in the past four years: a decreasing loss ratio, mainly due to premium hikes in the long-term and automobile insurance lines, and an increasing expense ratio, a result of heightened competition in the long-term insurance line.
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