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Introduction

 

 

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.


 

 

Overview 

 

 

TitleThe 13th Global Insurance Symposium 

 

Theme : Insurance Industry in Pandemic Era, Crisis or Opportunity

 

DateOctober 15th(Thu), 2020, 09:00 ~ 13:00 (KST.GMT+9)

 

VenueGrand Ballroom(1F), The Westin Chosun Hotel, Seoul

 

HostFinancial News, Korea Insurance Research Institute

 

SponsorFinancial Services Commission, Financial Supervisory Service, 

                   Korea Deposit Insurance Corporation, Korea Life Insurance Association, 

                   General Insurance Association of Korea, Korea Insurance Development Institute

 

ContactSecretariat of the 13th Global Insurance Symposium 

                Tel, +82-2-6965-0026 / E-mail, cayley@fnmice.com

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