Korea Insurance Actuary case studies

Korea Insurance Actuary · Put your knowledge to work in context.

The Korea Insurance Actuary Examination (보험계리사) is the domestic credential for actuarial work in the Korean insurance industry, administered through the national qualification system rather than by an international actuarial association. Candidates typically use it to establish technical credibility for roles in life and non-life insurers, reinsurance, consulting, and supervisory or research functions where Korean statutory reserving and product pricing are relevant. The Korea Insurance Actuary case studies are 5 cases and about 4,471 words.

Single-premium deferred annuity: basis change on a closed block

Hanbit Life wrote a single-premium deferred annuity for a 65-year-old male: premium 200,000,000 KRW, five-year deferral, lifetime income with a 10-year certain period, and 3,200 policies still in force. Pricing used a valuation rate of 2.75%, acquisition expenses of 3% of premium, a profit margin of 5% of premium, and a deferred annuity factor of 12.60 per 1 KRW of annual income.

844 words, about 4 min 2

Marine cargo excess-of-loss: pricing a heavy-tailed layer

Daehan General's marine cargo account carries 90 million KRW of annual subject premium. Over the last three years the book produced about four liability claims a year, modelled as Poisson.

899 words, about 4 min 3

K-ICS and IFRS 17 after a rate move: which number drives the dividend

Saehan Life reports K-ICS own funds of 4.20 trillion KRW against an SCR of 2.50 trillion, a ratio of 168%, and IFRS 17 CSM of 1.10 trillion, of which 0.35 trillion sits in a whole-life block carrying a 3.0% minimum crediting rate. Liability duration is 14 years; 60% of invested assets are government bonds of duration 6, 30% A-rated corporate bonds of duration 5 and 10% is property and equity.

976 words, about 5 min 4

Non-disclosure, hypertension and a late cancellation notice

On 3 March 2022 Mr Park, then 58, applied for 300 million KRW of whole-life cover through a broker. The application asked whether he had been treated for hypertension in the last five years; he answered no.

864 words, about 4 min 5

Experience study: significance, credibility and contaminated data

Korea Mutual Life is completing its 2024 experience study. The portfolio under review covers 45,000 life-years of exposure on five-year renewable term policies issued through the direct channel, with 210 expected deaths on the 2018 valuation table and 246 observed.

888 words, about 4 min