Welcome to the 9th GlobalInsurance Symposium.
First of all, I’d like to express mygratitude to Mr. Zhin, Woong Seob, the governor of the
Financial Supervisory Service.I’d also like to thank Mr. Chang, Nam Sik, the Chairman of
General InsuranceAssociation of Korea, Mr. Ji, Dae Seop, the CEO of the Samsung Fire and
MarineInsurance, Mr. Kim, Soo Bong, the head of Korea Insurance DevelopmentInstitute,
Mr. Choe, Jin Yeong, the CEO of KoreaInsurance Institute and the Korean and foreign specialists
who lead thelectures and discussions in each section. I’d like to express my gratitude toMr. Lee,
Soo Chang, the chairman of Korea Life Insurance Association, for thekeynote address based on
his long career in the insurance industry.
Financial News and Korea Insurance ResearchInstitute dealt with “Phase 2 of International
Financial Reporting Standards(IFRS4) and the Tasks of Insurance Industry’ last year and is
dealing with ‘The Influence of Interest Rate on Insurance Industry’ to talk about whatinsurance
industry shall do in the era of low interest rate.
Due to the low interest rate and IFRS4 Phase 2, the domestic insurance companies are facing
hardships, growth slowdownand expansion of capital. Due to extended low interest rate,
insurance companies are missing earnings and saving insurance is degrowing now. Korea Insurance
Research Institute forecasts that the growth rate of insuranceindustry would be 2.2% which is
lower than the current rate by 1.0%.
Today’s symposium is expected to providegreat ideas and wisdom to the insurance industry
which is currently in adifficult situation. I wish all of us could have meaningful time here today.
Gweon, Seong Cheol