KOREAN RE OFFERS LOCAL MOTOR INSURERS CEDING OPTION

South Korean insurers that were hit by $83m in motor claims as a result of Typhoon Maemi can now cede up to 60% of their liability to Korean Re under a new policy being offered by the reinsurer. The reinsurer said that this was the first time that motor insurers had used the reinsurance market to cover their risks. Korean Re spokesman Lee Jong-chang said that “non-life insurers can jointly subscribe to the reinsurance plan in April, the beginning of the 2004 fiscal year”.