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Welcome to 'the 8th Global Insurance Symposium.'

 

I would like to congratulate you on this event and thank President Zhin, Woong Seob of Financial

Supervisory Service who will be delivering a keynote speech. I would also like to thank President Lee,

Soo Chang of Korea Life Insurance Association, President Chang, Nam Sik of General Insurance

Association of Korea, President Khang, Ho of Korea Insurance Research Institute, President Kim,

Soo Bong of Korea Insurance Development Institute, other leaders of the insurance industry, and the

experts who will take charge of each session.

 

For this year’s Global Insurance Symposium, Financial News and Korea Insurance Research Institute

have prepared a venue where we can discuss the impact of the second stage of IFRS4 with focus on

'The Introduction of 2nd Stage of International Financial Reporting Standards(IFRS4) and the Challenges

of Insurance Industry.' The introduction has been postponed to 2020, but the introduction of IFRS4 will

have a great impact on Korea’s insurance industry. Some argue that the insurance companies in Korea

should come together to reserve trillions of wons, but almost all insurance companies have not even

responded to this issue. Although this is a little technical, the experts who are here with us today will

discuss the impact of market valuation on the paying capacities of insurance companies and review

the major issues that may rise with the application of payment capacity valuation system. 

 

I believe that today’s symposium would have many implications for Korea’s insurance industry and

supervisory service that are facing a new change with the introduction of 2nd stage of IFRS4. I hope that

it can particularly benefit many insurance experts in the working level.

 

Again, thank you for being here with ustoday.

 

 

Gweon, Seong Cheol

President & CEO,

The Financial News