Outlook negative for Korea’s non-life market

Rating agency Moody’s has assigned a negative outlook on the Korean non-life insurance sector over the coming 12-18 months. Moody’s said it expects the industry will report lower earnings in an environment of intense competition and low investment yields. “The Korean non-life industry will remain intensely competitive as a number of players continue to vie for higher market share, and most players compete on price, which leads Moody’s to believe that rates will remain soft for the next 12-18 months,” said Sally Yim, an analyst at Moody’s.