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Despite a recent reduction in market interest rates due to the Federal Reserve's significant rate cut, major insurance companies in South Korea have increased their mortgage rates over the past month.  Despite a recent reduction in market interest rates due to the Federal Reserve's significant rate cut, major insurance companies in South Korea have increased their mortgage rates over the past month. This shift has raised concerns about the impact on borrowers, particularly as many are moving from bank loans to non-bank financial institutions. According to the Life and Non-Life Insurance Association, the mortgage rates for housing loans from twelve major insurance companies have risen this month. Notably, Samsung Life Insurance and Samsung Fire & Marine Insurance now offer the lowest fixed mortgage rates, which are 3.79–5.24% and 3.9–5.74%, respectively. These rates reflect an increase of approximately 0.2 percentage points from last month. For variable-rate mortgages, Samsu...

Last month, household loans surged by 10 trillion won, with interest rate hikes and loan limit reductions failing to control the situation.  Last month, household loans surged by 10 trillion won, with interest rate hikes and loan limit reductions failing to control the situation. As demand for credit loans spiked, the government began considering measures to curb the balloon effect, including reducing loan limits to annual income levels. Financial institutions are tightening mortgage lending, even restricting loans to first-time homebuyers only. On September 3rd, NH Nonghyup Bank announced that starting from the 6th, it would temporarily suspend housing mortgage loans for those with two or more properties for the purchase of homes in the metropolitan area. Additionally, the bank will limit the loan amount for living stability funds to 100 million won for multi-property owners. To prevent speculative investments, conditional jeonse loans will also be temporarily halted, and mortgage...

Yoo Young-kyung, a partner at Deloitte Anjin Accounting Firm, stated on the 26th at the Deloitte Anjin headquarters in Yeouido, Seoul, in an interview with the Korea Economic Daily, Insurance Companies with Assets Over 5 Trillion Won Must Submit Accountability Structure by Next July Executives Cannot Escape Responsibility for Mis-Selling "They Must Exercise Due Diligence in Performing Their Duties" Yoo Young-kyung, a partner at Deloitte Anjin Accounting Firm, stated on the 26th at the Deloitte Anjin headquarters in Yeouido, Seoul, in an interview with the Korea Economic Daily, “Once the accountability structure is introduced in July next year, executives will be responsible for their respective areas concerning any mis-selling that occurs at the frontline. This could lead to a significant shift in the internal control culture within the insurance industry.” Yoo, a partner at Deloitte Anjin, emphasized that the introduction of the accountability structure would require executi...