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In response to the balloon effect from mortgage loan restrictions, financial authorities are considering tightening regulations on credit loans.  A Surge in Credit Loans Due to Mortgage Loan Restrictions In response to the balloon effect from mortgage loan restrictions, financial authorities are considering tightening regulations on credit loans.  According to recent reports, credit loan balances from the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) surged to 8.495 trillion won in August, following a restriction on mortgage loan limits. Although credit loan balances decreased by 2.143 trillion won in June and 1.713 trillion won in July, the sharp increase in August suggests a trend where restricted mortgage loans are shifting demand toward credit loans. There is a significant chance that credit loans will continue to rise in September due to increased demand. The implementation of the second-stage Stress Debt Service Ratio (DSR) from September 1st has f...

The GA industry is on the brink of enforcing new guidelines designed to curb the excessive practices in settlement support fund payments The imminent implementation of the GA (Corporate Insurance Agency) industry's new guidelines on settlement support funds has drawn significant attention from within and outside the industry. This marks the first time that financial authorities have actively stepped in to address the excessive practices surrounding settlement support payments. In this post, we'll explore the key aspects of these new guidelines and how they are expected to impact the insurance industry. The GA industry is on the brink of enforcing new guidelines designed to curb the excessive practices in settlement support fund payments. Earlier this year, financial authorities recommended that the GA industry establish its own standards for these payments, prompted by concerns over the inappropriate calculation methods used by some GAs. These guidelines emphasize preventing lu...

Recently, the incentive schemes for GA planners from non-life insurance companies have become increasingly similar Recently, the incentive schemes for GA planners from non-life insurance companies have become increasingly similar. Reflecting the financial authorities' restraint on excessive incentive competition, there has been little change in the total incentive amounts, but next-month incentive rates have significantly increased. In this blog post, we will examine the current incentive schemes for GA planners at major non-life insurance companies and their impact on the industry. Samsung Fire & Marine Insurance: Next-month maximum 280%, total incentive rate up to 1350% Samsung Fire & Marine Insurance offers a 100% cash incentive for long-term insurance premiums paid in the next month. GA planners receive an additional 180% incentive the following month. To encourage early activation, planners can receive up to 300% cash incentives for maintaining activity from August 1 t...

the top four GA system is solidifying, with the number of affiliated agents exceeding 60,000. As the separation of product manufacturing and sales in the insurance industry becomes more active, the status of corporate insurance agencies (GAs) is rising. Among these, the top four GA system is solidifying, with the number of affiliated agents exceeding 60,000. This article delves into the current state of the GA industry, the achievements of major companies, the response of financial authorities, and future prospects. The insurance industry is experiencing a surge in the separation of product manufacturing and sales, significantly enhancing the influence of corporate insurance agencies (GAs). Particularly, the top four GA system is becoming more established, with the number of affiliated insurance agents surpassing 60,000. In June 2023, Hanwha Financial Service, the number one GA in the industry, issued overseas bonds worth 50 billion won, marking the first such issuance in the GA indus...

The insurance comparison and recommendation service, The insurance comparison and recommendation service, ambitiously promoted by financial authorities to enhance consumer convenience and reduce insurance premiums, is facing indifference from both consumers and insurers. The service, which includes automobile insurance, travel insurance, and pet insurance, is performing below expectations, raising concerns that it may turn into a white elephant. This article explores the current issues and their underlying causes. The financial authorities introduced the insurance comparison and recommendation service with the aim of improving consumer convenience and reducing insurance costs. However, the service is failing to meet expectations in practice. Automobile Insurance The automobile insurance comparison and recommendation service was the first to launch, with high expectations due to its mandatory nature and relatively simple product design. Despite attracting around 490,000 users over the ...