Non-life insurers ramp up corporate lending as banks pull back

Non-life insurers ramp up corporate lending as banks pull back

Non-life insurance companies in Korea are increasingly expanding into corporate lending — a market long dominated by banks that are now gradually pulling back due to rising risks in other areas, company officials said Friday. For these insurers, corporate lending offers a new opportunity to offset declining profits caused by wildfires, torrential rains and other challenges they have had to cover so far this year. Data compiled from five major no…