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We are currently facing a truly difficult period in disorderly internal and 

external affairs of our nation. Amid this, I would like to warmly welcome 

all distinguished guests who are attending the 12th Global Insurance 

Symposium co-hosted by Financial News and the Korea Insurance Research Institute.

 

As you are all well-aware, the Korean economy is in an adverse, 

unfavorable situation. Some have raised voices over the fear of deflation 

that causes slow economic growth and low-price level at the same time. 

Recently, the Bank of Korea decreased the standard interest rate to 1.25%, 

which is the lowest in history, and the IMF’s projection of Korean economy’s 

growth rate fell from 2.6% to 2%. All these facts clearly show the reality that 

the Korean economy is facing right now.

 

In this environment, I have heard that the Korean insurance industry is also 

going through a difficult period. To cite President Ahn, Chul Kyung from Korea

Insurance Research Institute during his media interview, the insurance industry 

has a heavy load of work to do but still has a long way to go. In this trend of low 

interest, population has declined further while capital regulations have strengthened 

due to the change in accounting standards. It is not easy to find favorable news 

anywhere these days.

 

But we cannot just stay still. We have picked the topic of symposium as the 

‘Global Economic Uncertainty and The Risk of Insurance Industry’ to actively 

seek the survival strategy of the future insurance industry. In the past, the Korean 

insurance industry had the sufficient capability to gather all strengths and overcome 

the difficulty whenever there was an obstacle. Especially when looking back on the 

path this symposium has walked on over the last 12 years, I am certain that the 

Korean insurance industry will also be able to overcome its present challenges 

by gathering all its wisdom.

 

This symposium has been attended by Governor Yoon, Suk Heun of the 

Financial Supervisory Service to encourage insurance agents. I would like 

to extend my sincere appreciation to Governor Yoon who has always supported 

the Korean financial industry as a solid pillar. I would also like to express my 

gratitude to Chairman Shin, Young Kil of the Korea Life Insurance Association 

and Chairman & CEO Kim, Yong Duk of the General Insurance Association of Korea.

 

I would especially like to show my appreciation to Managing Director Dieter Kroll 

of Hannover Re Life & Health Asia, who has travelled a faraway from Germany.

 

It is my sincere hope that today’s symposium provides a very useful opportunity 

for a breakthrough in the development of insurance industry. I hope you all take 

care of yourselves in this cold weather these days, and thank you very much.

 

 

Jeon, Jae Ho

Chairman & CEO,

The Financial News


 

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