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S.KOREAN NONLIFE INSURERS HIT BY SHARP INCREASE IN CAR ACCIDENTS.
SEOUL, Nov 1 Asia Pulse - Major South Korean nonlife insurers posted hefty losses in their insurance businesses in the first half of fiscal 2006 as the result of a soaring number of car accidents, industry sources said Wednesday.
Leading nonlife insurers, including Samsung Fire & Marine Insurance Co. (KSE:000810) and Hyundai Marine & Fire Insurance Co. (KSE:001450), have announced huge losses, while such rivals as Dongbu Insurance, First Fire & Marine Insurance Co. and Meritz Fire & Marine are expected to follow suit.
"A sharp increase in auto accidents by policyholders had a direct impact on worsened profits, as the auto insurance business accounts for a major portion of the companies' insurance business, nearly 35 per cent to 50 per cent," an official at one of the nonlife insurers said.
During the April-September period, Samsung Fire & Marine, the No. 1 nonlife insurer, ...
- S. Korean nonlife insurers hit by sharp increase in car accidents.
- News wire article from: YON - Yonhap News Agency of Korea November 2, 2006 700+ words
...South Korean nonlife insurers posted hefty...soaring number of car accidents, industry...Wednesday. Leading nonlife insurers, including...one of the nonlife insurers said. During...surging number of car accidents boosted claims...
- Watchdog fines 8 nonlife insurers for unfair trade.
- News wire article from: YON - Yonhap News Agency of Korea November 23, 2007 700+ words
...Thursday it fined eight local nonlife insurers a combined 2.2 billion won...the commission slapped 10 nonlife insurers with a combined 50.8 billion...Development in terms of the number of car accidents that occurred in 2005. (THROUGH...
- SOUTH KOREAN WATCHDOG FINES 8 NONLIFE INSURERS FOR UNFAIR TRADE.
- News wire article from: AsiaPulse News November 22, 2007 700+ words
...Thursday it fined eight local nonlife insurers a combined 2.2 billion won...the commission slapped 10 nonlife insurers with a combined 50.8 billion...Development in terms of the number of car accidents that occurred in 2005. (Yonhap...
- NONLIFE INSURERS IN S. KOREA SEE EARNINGS DROP 25 PCT.
- News wire article from: AsiaPulse News February 21, 2007 700+ words
...Service, the combined net profit of 29 domestic and foreign nonlife insurers totaled 779 billion won (US$832.3 million) in the...billion won to reach 690.9 billion won due to increased car accidents and a surge in insurance claims. Their losses from the...
- Nonlife insurers in S. Korea see earnings drop 25 pct.
- News wire article from: YON - Yonhap News Agency of Korea February 21, 2007 700+ words
...Service, the combined net profit of 29 domestic and foreign nonlife insurers totaled 779 billion won (US$832.3 million) in the...billion won to reach 690.9 billion won due to increased car accidents and a surge in insurance claims. Their losses from the...
- S. Korean nonlife insurers forecast to post big losses in car insurance.
- News wire article from: YON - Yonhap News Agency of Korea February 11, 2007 700+ words
...they said. In the April-December period alone, the nonlife insurers ran up a combined loss of 777.8 billion won in car insurance...watchdog. The expected loss was attributed to increased car accidents and a subsequent rise in insurance claims. During the nine...
- S. KOREAN NONLIFE INSURERS FORECAST TO POST BIG AUTO LOSSES.
- News wire article from: AsiaPulse News February 12, 2007 700+ words
...they said. In the April-December period alone, the nonlife insurers ran up a combined loss of 777.8 billion won in car insurance...watchdog. The expected loss was attributed to increased car accidents and a subsequent rise in insurance claims. During the nine...
- NONLIFE INSURERS HIT HARD BY DECLINING CAR OWNERSHIP IN JAPAN.
- News wire article from: AsiaPulse News August 12, 2008 700+ words
...been weighing on the bottom line at nonlife insurers, with April-June auto insurance...premium revenues at the seven major nonlife insurers dipped 1.3 per cent to 817.4 billion...materials may deal an additional blow to nonlife insurers' bottom lines by pushing up car repair...
Source: HighBeam Research, S.KOREAN NONLIFE INSURERS HIT BY SHARP INCREASE IN CAR ACCIDENTS.