Korea's insurance associations prepare for leadership shake-up

As the terms of the heads of Korea’s two major insurance associations come to an end in December, former private industry executives are emerging as potential successors, industry officials said Monday. The Korea Life Insurance Association represents 20 life insurers, while the General Insurance Association of Korea represents 17 non-life insurers. Their respective chairmen, Kim Chul-ju and Lee Byung-rhae, are due to leave office on Dec. 8 and Dec. 22. Both incumbents could seek another term, but observers expect the associations to consider new leaders with direct experience running insurance businesses. The prospect comes as private sector executives have increasingly taken the helm of other financial industry bodies. Oh Hwa-kyung, chairman of the Korea Federation of Savings Banks, secured a second term last year, becoming the first leader from the private sector to do so. Kim Ki-hwan, who heads the Korea Fire Protection Association, previously served as president of KB Insurance. Lee Dong-chul, a former vice chairman of KB Financial Group, became chairman of the Credit Finance Asso