Reinsurance firms in South Korea saw their combined profit slip 13.8 percent on-year in the first half, hit by losses from accidents at home and abroad, data showed Tuesday.
Ten reinsurers in South Korea posted a combined net profit of 134.7 billion won (US$119.6 million) in the January-June period, compared with a profit of 156.3 billion won a year ago, according to the data by the Financial Supervisory Service (FSS).
Losses related to accidents, including factory fires in China and Greece and a vessel accident at a port in Incheon, west of Seoul, hurt their bottom line, the FSS said, without elaborating further.
South Korea has vowed to open its door for the reinsurance market, but the market is still dominated by Korean Reinsurance Co.
Korean Reinsurance reported a net profit of 109.3 billion won in the first half, the FSS said, without providing an annual comparative figure. (yonhap)