{"id":55991,"date":"2025-09-10T21:39:08","date_gmt":"2025-09-10T21:39:08","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/55991\/"},"modified":"2025-09-10T21:39:08","modified_gmt":"2025-09-10T21:39:08","slug":"south-korea-reinsurance-market-strengthens-with-2025-renewal-gains","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/55991\/","title":{"rendered":"South Korea reinsurance market strengthens with 2025 renewal gains"},"content":{"rendered":"<p><strong>Insurers are also tapping capital markets through subordinated and hybrid debt.<\/strong><\/p>\n<p><a href=\"https:\/\/insuranceasia.com\/market\/south-korea\" rel=\"nofollow noopener\" target=\"_blank\">South Korea<\/a>\u2019s <a href=\"https:\/\/insuranceasia.com\/topics\/reinsurance\" rel=\"nofollow noopener\" target=\"_blank\">reinsurance<\/a> market is undergoing major changes following the rollout of IFRS 17 and the Korean Insurance Capital Standards (K-ICS) in 2023, <a href=\"https:\/\/insuranceasia.com\/company\/am-best\" rel=\"nofollow noopener\" target=\"_blank\">AM Best<\/a> said.<\/p>\n<p>The rules introduced a risk-based solvency regime and concepts such as the Contractual Service Margin (CSM), adding pressure on insurers and driving demand for new capital solutions.<\/p>\n<p>Reinsurers have responded with capital relief structures, including mass lapse reinsurance to address lapse risk under K-ICS.\u00a0<\/p>\n<p>Insurers are also tapping capital markets through subordinated and hybrid debt, whilst coinsurance has emerged as a key tool for managing capital, particularly in life and long-term non-life products.<\/p>\n<p>Activity has increased in recent years, with major deals including a KRW700b ($534m) coinsurance agreement between Korean Re and Samsung Life in October 2023, and Tongyang Life\u2019s KRW200b ($140m) coinsurance deal with RGA in June 2024, later expanded by KRW150b.\u00a0<\/p>\n<p>The Tongyang deal marked South Korea\u2019s first cross-border coinsurance transaction.<\/p>\n<p>In property reinsurance, 2025 renewals have turned more favourable for cedents after difficult conditions in 2023 and flat renewals in 2024.\u00a0<\/p>\n<p>Per-risk excess of loss covers, once constrained, have seen double-digit rate cuts as insurers used their portfolios and reinsurers\u2019 growth ambitions to secure broader capacity.<br \/>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Insurers are also tapping capital markets through subordinated and hybrid debt. South Korea\u2019s reinsurance market is undergoing major&hellip;\n","protected":false},"author":2,"featured_media":55992,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175],"tags":[79,18,19,17,188],"class_list":{"0":"post-55991","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-eire","10":"tag-ie","11":"tag-ireland","12":"tag-markets"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/55991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=55991"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/55991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/55992"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=55991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=55991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=55991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}