General Insurance market activity through the [financial newspaper gimmingyeong Korea News] Castle insurance policy and new product development, etc., and pointed out that this came due to improved revenue retention should be enlarged in parallel.
According to the General Insurance Statistical Yearbook of the Korea Insurance Development Institute recently announced substantial growth in General Insurance has consistently decreased over the past three years.
Since 2015 real growth of general insurance and non-life insurers, except earnings are compiled NH Agricultural Insurance Marine insurance -10.2%, -5.5% Technology Insurance, liability insurance 3.9% -15.0% INSURANCE to the average growth rate of -5.1% It was recorded.
Such poor performance is due to the general insurance retention deseo standstill. Insurers hold a portion of the acquisition risk, or that the Father is the rate at which the retention of the primary insurers to spread the risk through reinsurance retention.
The insurance industry or business, general liability insurance retention last 15 years to seek revenue through risk assessment and acquisition appeared to have sustained a standstill.
Low prevalence of corporate insurance are large gender differences in the risk between individual contracts, the law is also difficult nature of the insurance companies gender-specific applications of algebra, but they lack the pricing power of the insurance companies, based on risk analysis are cited as the main cause.
Accordingly, the Korea Insurance Development Institute, said that the data relating to domestic and international risk and corporate Castle insurance rates calculated effort to build its own industry and industrial co systematically integrated into the overall statistics, along with the necessary infrastructure.
Especially to share reinsurance reinsurance companies with high gender damages expanding reserves for insurance, non-life insurance industry will contribute largely to excessive dependence Reinsurance Reinsurance structure and improving trade deficit that pointed to the chronic problem is the description of Insurance Institute.
Korea Insurance Development Institute, said that "car warranty, reinsurance, excluding insurance trade deficits have been more than 100 billion won loss a year lasting -1320 one hundred million won, said" ownership rate increases will help to improve the deficit reinsurance reinsurance resin.
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