{"id":76148,"date":"2020-05-28T13:04:35","date_gmt":"2020-05-28T05:04:35","guid":{"rendered":"http:\/\/www.namnewsnetwork.org\/?p=76148"},"modified":"2020-05-28T13:04:38","modified_gmt":"2020-05-28T05:04:38","slug":"bests-market-segment-report-am-best-revises-outlook-on-south-koreas-non-life-insurance-market-to-negative-amid-covid-19-pandemic","status":"publish","type":"post","link":"http:\/\/namnewsnetwork.org\/?p=76148","title":{"rendered":"Best\u2019s Market Segment Report: AM Best Revises Outlook on South Korea\u2019s Non- Life Insurance Market to Negative Amid COVID-19 Pandemic"},"content":{"rendered":"\n<p><strong>HONG KONG, May 28 (Bernama-BUSINESS WIRE) &#8212;&nbsp;<\/strong><strong>AM Best<\/strong>&nbsp;hasrevised its market segment outlook to negative from stable on South Korea\u2019s insurance industry\u2019s non-life insurance sector. Key factors underpinning the revised outlook include the sector\u2019s deteriorated loss ratios in major business lines, escalated pressure on investment earnings amid a historic low interest rate environment and increased asset risk due to capital market volatility.<\/p>\n\n\n\n<p>A new\u00a0<em>Best\u2019s Market Segment Report<\/em>, titled, \u201cMarket Segment Outlook: South Korea, Non-Life,\u201d states that South Korea\u2019s non-life insurance segment went through a difficult year in 2019, particularly in terms of underwriting performance. Despite a 4.8% growth in gross premium written (GPW), overall industry net profit declined by 39.9% year on year, which followed a 20% decrease in 2018. The main cause of the poor results was the increased loss ratio for the automobile insurance segment and worse-than-expected profitability in the long-term insurance line. Since the outbreak of COVID-19, South Korea\u2019s government has introduced various economic stimulus measures, including a sharp base interest rate cut of 50 basis points to 0.75% in March, the lowest level in the country\u2019s history. Although the stock market has partially recovered from bottoming out in mid-March, it has not fully recovered to pre-pandemic levels. <\/p>\n\n\n\n<p><a href=\"http:\/\/mrem.bernama.com\/viewsm.php?idm=37436\">http:\/\/mrem.bernama.com\/viewsm.php?idm=37436<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HONG KONG, May 28 (Bernama-BUSINESS WIRE) &#8212;&nbsp;AM Best&nbsp;hasrevised its market segment outlook to negative from stable on South Korea\u2019s insurance industry\u2019s non-life insurance sector. Key factors underpinning the revised outlook include the sector\u2019s deteriorated loss ratios in major business lines, escalated pressure on investment earnings amid a historic low interest rate environment and increased asset [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[315],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/76148"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=76148"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/76148\/revisions"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=76148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=76148"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=76148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}