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Benefits from toughened loan regulations limited for insurers
Posted : 2021-06-27 15:44
By Lee Kyung-min
Insurers are not likely to see a major benefit from a tightened lending rule defined by the implementation of the debt-service ratio (DSR), since they offer higher borrowing rates than commercial lenders.
The new rule, set to take effect Thursday, stipulates a 60 percent cap on the DSR for insurers that have long been known to charge higher rates for low-credit borrowers, whereas the cap is 40 percent for commercial lenders that have a customer base with higher credit and stronger ability to pay back.
This new rule came despite expectations that the difference of 20 percentage points in the amount borrowable would result in a ballooning effect, as characterized by people being pushed to choose insurers after having the total amount of loans reduced due to the 40 percent cap.
BNP Paribas Cardif, Chubb, ABL, MetLife losing customers here
Posted : 2021-02-19 15:45
By Park Jae-hyuk
Mid-tier foreign life insurance companies appear to be losing their customers here, in contrast to their Korean peers, which have successfully prevented their clients from terminating their insurance contracts despite the COVID-19 pandemic.
Data compiled by the Korea Life Insurance Association showed Friday that the combined size of terminated insurance contracts with four foreign life insurers here increased from a year earlier, due to lapses and surrenders during the first 11 months of last year.
These data can be interpreted as resulting from a rise in the number of customers surrendering insurance policies without paying insurance premiums for a certain period of time.