SEOUL, KOREA – The Financial Supervisory Service said on December 12 that the net loss for property and casualty insurance companies in their overseas units for the first half of the fiscal year 2012 (April to September) has been US$6.4 million. The insurers had made a profit of $7.7 million in the same period last fiscal year.
A Financial Supervisory Service said, "Due to the flood in Thailand late last year and the earthquake in New Zealand, the insurance companies had to pay out more claims that premiums they collected."
By company, the loss of Korea Re that was hit by the Thai flood was the highest with $13,552,000. In contrast, Samsung Fire & Marine ($5,686,000) and Dongbu Fire ($2,087,000) reported profits. Currently there are six property and casualty insurers with overseas sales offices including Korean Re, Samsung, Dongbu, Hyundai, LIG, and Meritz.
*Article provided by The Korea Economic Daily
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