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South Korea Medical Tourism Reforms

Foreign patients who are being treated at South Korean healthcare facilities will soon be able to receive guaranteed compensation from the government in the event of medical malpractice. Korean hospitals will also be allowed to sell pharmaceuticals directly to foreign patients, circumventing the previous referral process, and outside medical staff visiting South Korea for training purposes will become…

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ACE Group Completes Acquisition of New York Life's Hong Kong and Korean Holdings

ACE Limited, the Swiss insurer operating in over 50 countries, has successfully completed the acquisition of all shares in both New York Life's Hong Kong and South Korean wholly-owned life insurance subsidiaries for a combined US$425 million in cash. The purchase agreement between the two conglomerates…

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Korean insurers going global, introducing domestic earthquake coverage.

South Korea currently boasts one of the ten largest insurance markets in the world with a particularly high-penetration rate in regards to life insurance. While the country's insurance sector is made available to foreign multinationals, both the life and non-life segments continue to be dominated by large domestic companies. In order to maintain their growth, Korean insurance firms are now looking…

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