Seoul: The chief of South Korea's financial watchdog emphasized on Wednesday that insurers must enhance their risk management strategies and strengthen their capital base in light of increasing market uncertainties and declining interest rates.
According to Yonhap News Agency, Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), highlighted the necessity for insurers to manage risks prudently and bolster their capital reserves during a meeting with insurance company heads. Lee noted that financial authorities would assist these efforts by revising and simplifying relevant regulations.
Lee also stressed the importance of insurers improving their internal control systems and urged them to prioritize customer protection.