Fitch downgrades the outlook of the Korean life insurance market

Fitch Ratings is downgrading the outlook of the Korean life insurance market from stable to negative.

The rating agency forecasts a continued decline in the profitability of life insurers in 2021 due to high reserve charges and lower investment returns.

The outlook for Korean non-life insurance in 2021 remains stable. According to Fitch, non-life insurers are expected to be under less pressure than their life counterparts.