Casualty

The Korean casualty insurance market maintained a steady growth trajectory in 2025, albeit at a slower pace, as softening market conditions led to rate reductions. Although competition intensified, particularly in traditionally high-margin business lines, our domestic casualty portfolio demonstrated strong resilience. Through disciplined underwriting and portfolio management, we maintained profitability and delivered stable performance.

In line with our strategic focus on prioritizing profitability over top-line growth, we substantially reduced underperforming personal accident accounts in 2025, resulting in a 35.6% year-on-year decline in premiums. Consequently, special risk insurance became the second-largest contributor to total domestic casualty premiums, accounting for 29%, supported by our expanded presence in new liability business. Liability insurance continues to be our core business line, representing 51% of total premiums, with ongoing efforts to mitigate premium declines through value-added service offerings. Personal accident insurance accounted for the remaining 20%.

Throughout the year, we further strengthened collaboration with our clients, remaining committed to delivering timely and effective responses to evolving market conditions. Our engagement focused on supporting clients in addressing key industry challenges, particularly cyber risks and ESG-related considerations.

As we move into 2026, we expect competition from overseas reinsurers to intensify, alongside increased retention by domestic primary insurers. In this environment, we will continue to differentiate ourselves by delivering value beyond reinsurance pricing. In particular, we provide clients with insights into market dynamics and international trends, drawing on targeted risk analysis where appropriate. We will also remain agile in responding to changes in the domestic regulatory landscape and continue to lead key domestic accounts through our underwriting expertise.

At the same time, we will strategically allocate resources to further enhance risk management through proactive and comprehensive risk assessments, ensuring preparedness for potential market developments. With a commitment to sustainable growth and profitability, we remain confident in our ability to provide stable reinsurance capacity and tailored solutions that respond to rapidly evolving market conditions and client demand.

█ Gross Written Premiums: Domestic Casualty 

(Units: KRW billion, USD million)

	2025 (KRW)	2025 (USD)	2024 (KRW)	2024 (USD)
Liability	279.4	194.8	281.8	205.9
Personal Accidents	109.9	76.6	170.8	124.8
Special Risks & Others	159.1	110.9	153.8	112.4
Total	548.5	382.4	606.3	443.1

* Individual figures may not add up to the total shown due to rounding.