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Intro

 

 

The Korean economy is experiencing a slump due to global business slowdown and decline 

of investment and export. In addition, slowdown of real economy and anxiety of the financial market 

are increasing with the long-term trade dispute between the United States and China and export 

restrictions of Japan. Especially, the market rate has rapidly decreased to the all-time low rate because of 

increased external uncertainties.

 

Uneasy internal and external conditions are causing adverse effects on the growth, profitability and

financial situations of domestic insurance companies. The insurance industry is concerned to face 

a greater crisis if the ultra-low interest rate continues with the decline of potential growth rate. Low interest 

rate leads to poor growth and profitability of the insurance industry.

 

Decreasing interest rate would cause further decline of sales incentive by decreasing disclosed interest

rate of saving insurances. Sales of coverage insurances is likely to decline in the long run due to the 

increase of insurance premium caused by the reduction of expected interest rate. Original insurance 

premium of the insurance industry has shown negative growth for two consecutive years since 2017 due to 

the decrease of sales of saving insurances and slowdown of growth of coverage insurances. Moreover, profitability 

of the insurance industry will inevitably worsen with the expansion of secondary reverse margin, expansion 

of legal reserve and variable insurance guarantee reserve, and expansion of issuance of equity securities.

 

Accordingly, Financial News and Korea Insurance Research Institute are jointly hosting the 12th Global 

Insurance Symposium on the theme of  'Global Economic Uncertainty and The Risk of Insurance Industry'

to diagnose the crisis of the insurance industry caused by global economic uncertainties and to discuss the 

survival strategy of insurance companies in the low growth, low interest rate environment

 

At this symposium, we are going to take a look at the difficulties faced by insurance companies in the past

when global economic slowdown and low interest rate occurred. Current status of the economy and 

insurance industry will be reviewed separately for overseas and South Korea. By coming up with 

management strategies of insurance companies for survival in the low growth, low interest environment 

divided into insurance product, sales channel, asset management and risk management strategies, we plan 

to also discuss the policy directions for financial authorities.

 

Thank you.

 

 

 

Overview

 

 

Title : The 12th Global Insurance Symposium

 

Theme : Global Economic Uncertainty and The Risk of Insurance Industry

 

Date : October 23rd(Wed), 2019    09:00 ~ 15:30

 

Venue : GrandBallroom, Westin Chosun Hotel, Seoul

 

Host : The 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 : The 12th Global Insurance Symposium Bureau
                  Tel. 02-6965-0012, 0013   E-mail. 8amwon@fnnews.com

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