Finance · 2 sources combined
Insurers' loss ratio calculation
Found lacking...improvement plan required
D-23 Deadline November 30 · Insurers' improvement plan submission deadline
In short
The Financial Supervisory Service inspected 6 insurers and found their loss ratio and business expense calculations were inadequate.
All insurers must conduct self-inspections by the end of November and submit improvement plans.
Those with incorrect insurance liability calculations at the December settlement will face strict penalties.
Key facts
| When | On the 29th, the Financial Supervisory Service held a meeting with actuarial department heads from insurers. |
|---|---|
| Who | Actuarial department heads from 22 life insurers and 17 non-life insurers attended. |
| What | The 6 insurers inspected on-site showed inadequate cases in calculating loss ratios and business expenses. |
| How | All insurers must conduct self-inspections and submit improvement plans by the end of November. |
What it means for me
Policyholders will not be immediately affected, but transparency in insurance premium calculation is expected to gradually improve.
