3-Year Term to Begin by the End of 2026
Kim Cheol-ju, Chairman of the Life Insurance Association, has begun his three-year term. He emphasized his commitment to strengthening the social safety net function, which is fundamental to life insurance, and to creating new sources of growth.
The Life Insurance Association announced on the 11th that it held the inauguration ceremony for its 36th chairman. In his inaugural speech, Chairman Kim stated, "The management environment is worsening due to the macroeconomic conditions of low growth and high inflation, as well as rapid demographic changes such as low birth rates and aging population. The life insurance market is saturated, leading to stagnation in growth, and the emergence of new players such as big tech and fintech companies has placed the life insurance industry in a critical crisis."
To overcome these challenges, he presented three core tasks for the life insurance industry: ▲ Strengthening the core competitiveness of life insurance and its role as a social safety net ▲ Diversifying the revenue base of life insurance companies through entry into new markets ▲ Enhancing customer trust and expanding social responsibility.
Chairman Kim also urged the association’s executives and staff to "firmly maintain an attitude of change and innovation, and with a sense of responsibility representing the life insurance industry, continuously communicate and cooperate not only with member companies but also with various external organizations."
Kim Cheol-ju, Chairman of the Life Insurance Association, is speaking at the inauguration ceremony held on the 11th at the Life Insurance Association in Jung-gu, Seoul. (Photo by Life Insurance Association)
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