On Dec. 31, General Insurance Association of Korea Chairman Lee Byeong-rae said in a New Year's address that "as a social safety net and a source of capital, the insurance industry must above all further strengthen its risk response capability to ensure the stability of people's lives and the national economy."
Lee cited strengthening risk response capabilities and establishing growth fundamentals, securing new growth engines, and consumer protection as priority tasks for next year.
Lee said, "Let us support the financial authorities so that prudential systems, including basic capital regulations, can be introduced rationally, while also pushing for the stabilization of the accounting system," and urged, "We must also steadily support improvements to regulations related to asset management and investment activities so that the insurance industry's capital can shift to productive finance."
Lee said, "Let us support the financial authorities so that fifth-generation indemnity health insurance can be launched within the year and take root stably in the market," adding, "We will also prepare controls on excessive non-covered services to establish the basis for normalizing indemnity health insurance." He added, "We will work to promptly implement and stabilize improvements to the sales commission system, which has been identified as a main cause of misselling and short-term performance competition."
Regarding new growth drivers, Lee said, "We must strengthen coverage for emerging risks that are increasing, such as deepfakes and dementia, and prepare innovative services such as insurance product subscriptions to meet diverse consumer needs," adding, "We will support new business fronts such as care services and combine data from various fields with insurance so that differentiated products can be offered to consumers."