Due to the Covid-19 virus which hit the whole world, the global economy is facing
an economic crisis at the level of the Great Depression. Korea’s economy is also facing
a negative cycle as 'Real economy sluggish → financial market volatility → economic downturn'.
The insurance industry, which also has a red light on its growth facing the crisis Covid-19 caused.
Due to Economic slowdown, ultra-low interest rate policy, face-to-face channel business
environment deterioration (…and more).
The spread of COVID-19 affects insurance companies not only through insurance sales
but also through financial markets. In addition, there are concerns about an increase
in currency hedging costs, a decrease in the value of beneficiary securities, and an increase
in damage to loans. In addition, the decline in interest rates and the continuation of
low-interest rates due to Covid-19 is expected to weaken the insurance companies' net income
and substantial solvency as well.
Experts diagnose that we are now entering the ‘pandemic era'.
This is why the insurance industry also emphasizes that it is time to make changes.
The crisis is threatful, but never the less some forecasts that it could be a new opportunity
for the insurance industry.
Through new technology (such as big data or AI), expansion of non-face-to-face channels
sales and activation of insurance technology, it could be an opportunity to expand
new businesses in the insurance industry. Especially through ‘untact’ accomplishments
can be made more efficient with new technologies and vast amounts of data.
Therefore, Financial News and Korea Insurance Research Institute aims to diagnose
the impact of the pandemic on the insurance industry. The 13th Global Insurance Symposium,
under the theme of ‘Insurance Industry in Pandemic Era, Crisis or Opportunity’
will be a chance to discuss the future path of the insurance industry.
Through the symposium, we will discuss about difficulties insurance companies are facing
and also how they respond and prepare in the era of pandemic. While also thinking
about the policy developments that can be made in the insurance industry.
Title : The 13th Global Insurance Symposium
Theme : Insurance Industry in Pandemic Era, Crisis or Opportunity
Date : October 15th(Thu), 2020, 09:00 ~ 13:00 (KST.GMT+9)
Venue : Grand Ballroom(1F), The Westin Chosun Hotel, Seoul
Host : Financial News, Korea Insurance Research Institute
Sponsor : Financial Services Commission, Financial Supervisory Service,
Korea Deposit Insurance Corporation, Korea Life Insurance Association,
General Insurance Association of Korea, Korea Insurance Development Institute
Contact : Secretariat of the 13th Global Insurance Symposium
Tel, +82-2-6965-0026 / E-mail, email@example.com