Chairman Kim Joo-hyun of the Financial Services Commission met with the CEOs of major insurance businesses along with Governor Lee Bok-hyun of the Financial Supervisory Service on December 6 as part of a series of meetings scheduled with financial sectors to ensure close communication and mutual understanding with the industry.

In his opening remarks, Chairman Kim first talked about the importance of corporate social responsibility among insurance businesses. As consumers are currently facing difficult financial situations due to high interest rates and inflation, Chairman Kim said that insurance businesses could place more efforts to help alleviate the difficulties experienced by their customers.

Second, Chairman Kim talked about changes taking place in the insurance sector with the adoption of IFRS 17—changes not only in accounting practices but also in their product development, asset and liability management and sales strategies. In this regard, Chairman Kim said that insurance businesses should work to ensure that these changing practices are not solely focused on boosting their financial performance, but instead, insurance companies should also work on building long-term trust with their customers.

Lastly, Chairman Kim talked about the importance of finding new ways to ensure growth amid low birth and aging population and digital transformation. In this regard, Chairman Kim said that the government will provide support for innovation and growth of the insurance industry through regulatory improvements.

At the meeting, insurance businesses and the industry groups shared the same view about the need to strengthen corporate social responsibility and said that the insurance sector will work to introduce specific measures after having an industry-wide coordination.

* Please refer to the attached file for details.