Inside Korean Re

Korean Re New Year’s Concert in 2018

Korean Re held its annual event to celebrate the New Year in downtown Seoul on January 18, 2018. All employees and their families were invited to a dinner party, followed by the New Year’s Concert at the Sejong Center for the Performing Arts. CEO Won expressed his appreciation for the hard work and support they had shown over the past year, and also welcomed newcomers who joined the company recently. Constantin Trinks conducted the Seoul Philharmonic Orchestra, with Soprano Vittoria Yeo and Tenor Yosep Kang taking turns to put their brilliant talents into a selection of beautiful opera songs. Those songs included “La donna è mobile”— one of the best-known songs from Verdi’s Rigoletto—“Ah! Lêvetoi,” from Gounod’s Roméo et Juliette, and “O mio babbino caro,” from Puccini’s Gianni Schicchi.

Celebration of the 55th Anniversary and Total Assets of KRW 10 trillion

Korean Re held a ceremony at the head office on March 19, 2018 in celebration of its 55th anniversary and achievement of KRW 10 trillion in total assets as of the end of 2017. In terms of total assets, 2017 was a record year for us as we saw our total assets surpass the KRW 10 trillion mark for the first time in the company’s history. The value of our total assets grew by KRW 484.2 billion year over year to KRW 10,065.3 billion as of late December 2017. At the end of 2018, total assets reached KRW 10,750.9 billion, up KRW 685.6 billion compared to a year earlier. CEO Won complimented the hard work and dedication made by all the executives and employees. He also emphasized the need to respond to changes swiftly in order for the company to become a global reinsurance leader. Another important thing he stressed was effective communication within the organization, as it could promote new ideas and innovation with regard to achieving the goals we pursue. Meanwhile, select employees received commendations for their long-term service and exemplary contribution to the company during the ceremony.

The 37th Korean Re Seminar Held in Seoul

We hosted the 37th Korean Re Reinsurance Management Seminar (Korean Re Seminar) at our head office in Seoul from May 13 to 18, 2018. This year, 24 insurance professionals from 23 insurers in 12 jurisdictions were invited to the seminar, where the latest market trends and issues were discussed. Among the countries represented were Brazil, Chile, China, Taiwan, Thailand and Paraguay. During the seminar, Korean Re employees gave presentations on the company’s underwriting techniques and major developments in the Korean insurance market, as well as an analysis of large-loss events over the recent years. Also, field trips to local industrial sites were arranged to help participants gain a better understanding of underwriting practices that Korean Re had shared at the seminar. There were other sessions, such as lectures on the latest insurance market issues and a cultural program that gave participants the opportunity to enjoy and experience some of the Korean culture. The Korean Re Seminar was launched in 1979 as a platform for information exchange and discussion on key issues in the global insurance industry. Since then, this annual event has been attended by more than 600 professionals from over 250 insurance companies. It is now widely recognized among insurance market participants as one of the most prestigious reinsurance seminars in Asia.

Thailand-Korea Agriculture Insurance Seminar

On July 10 of 2018, Korean Re welcomed a delegation of about 30 representatives from the Thai non-life insurance industry, who visited Korea to increase their understanding of the nations’ agriculture and livestock insurance markets. We hosted the Thailand-Korea Agriculture Insurance Seminar to share with them our underwriting experiences in the crop and livestock insurance sectors. Underwriters at Korean Re gave presentations about the agriculture insurance market in Korea: an overview of crop and livestock insurance, loss adjustment systems and practices, and the prospect of the local agriculture insurance market. During the seminar, delegates from both countries had a constructive discussion and exchanged views and perspectives on the market. Korean Re CEO Won said in his welcome remarks that the seminar could “serve as a valuable opportunity for us to have a better understanding of the agriculture insurance markets of our respective countries.”   

Lloyd’s Marine U35 Insurance Group Seminar

Members of Lloyd’s Marine U35 Insurance Group were invited to Korean Re to have a seminar on the marine insurance market on July 31, 2018. The Marine U35 Insurance Group is a non-profit organization and is comprised of over 1,000 members aged 35 years or younger from all areas of the marine and energy insurance market. The seminar was attended by 25 young underwriters and brokers who are working in the marine insurance market at Lloyd’s. Korean Re representatives shared their analysis of the local marine insurance market and major claims. During the seminar, meaningful discussions were made regarding the recent trends in the global marine insurance market and specific topics like cyber risks and Iran sanctions. In addition, participants also exchanged ideas and views as to how to further develop the Korean marine insurance market and enhance cooperation between Korean Re and the Lloyd’s market in terms of new product development.

The 2018 Korean Re Underwriting Academy

Korean Re organized ten sessions of the Korean Re Underwriting Academy throughout 2018 – a one-year course of comprehensive risk management training for life insurance underwriters. From March 2018, it was held every month at our head office in Seoul, with the participation of 33 underwriting professionals from 24 insurers. This annual program aims to support the training of our clients’ underwriters so that they can enhance their underwriting capabilities from the perspective of comprehensive risk management for life and health insurance. Each session covered more than one medical topic and addressed related underwriting issues. Throughout the year, a wide range of medical topics were discussed, including rheumatism, hypertension, diabetes, hepatitis, fatty liver, kidney failure, gynecologic diseases and conditions, shoulder impairments, and dental problems. The program also dealt with topics like financial underwriting, product development, new technology application in life and health insurance, and underwriting issues related to cancer and long-term coverage. At the graduation ceremony in December, a special lecture was given by an expert on the subject of behavioral economics and its implications for life insurance.

The 18th Asian Reinsurers’ Summit Held in Seoul

Korean Re hosted the 18th Asian Reinsurers’ Summit (ARS) in Seoul from October 17-19, 2018 with the presence of 29 delegates from 13 companies in 12 jurisdictions in Asia. The ARS is an annual gathering of 15 Asian reinsurers, which aims to exchange reinsurance market information and promote cooperation among reinsurance companies. During this year’s summit, participants were given presentations on the latest issues in the insurance industry, such as InsurTech and IFRS17, as well as the opportunity to discuss information on reinsurance market trends and developments in Asia. Korean Re CEO Jong Gyu Won said in his welcome speech, “I hope this summit will help us further strengthen our cooperative relations with one another in a way that reinforces the standing of Asian reinsurers in the global market.”