Ji-won Jeong, Chairman of Korea Exchange, Appointed as Next President of General Insurance Association (Comprehensive)

[Asia Economy Reporter Oh Hyung-gil] Jeong Ji-won, Chairman of the Korea Exchange, has been nominated as the next president of the Korea Non-Life Insurance Association.

According to the insurance industry on the 2nd, the Non-Life Insurance Association Presidential Candidate Recommendation Committee (Nomination Committee) held its third meeting that day and recommended Chairman Jeong as the sole candidate.

At the second meeting on the 27th, the Nomination Committee selected four candidates including the nominee Jeong, Kang Young-gu, President of Meritz Fire & Marine Insurance, Yoo Kwan-woo, former Deputy Director of the Financial Supervisory Service, and Kim Sung-jin, former Administrator of the Public Procurement Service. Previously, former Financial Supervisory Service Chairman Jin Woong-seop declined the candidacy, making Chairman Jeong the leading candidate.

An attendee of the Nomination Committee said, "We reviewed each candidate's abilities and career and selected the candidate we believe is most suitable," adding, "We think he is someone who can lead the non-life insurance industry and resolve various pending issues."

The nominee Jeong is expected to be appointed president after a vote by member companies next week. Born in 1962, he passed the 27th Administrative Examination while attending Seoul National University and served at the Ministry of Finance (now Ministry of Economy and Finance) and the Ministry of Finance and Economy. He also held positions such as Director of Bank Supervision and Director of Supervisory Policy at the Financial Supervisory Commission, Director of Financial Services Bureau and Standing Commissioner at the Financial Services Commission, and President of Korea Securities Finance Corporation.

Since November 2017, he has served as Chairman of the Korea Exchange. He is recognized for his practical expertise gained from long experience in central government agencies and financial authorities, and for having extensive networks within regulatory bodies and the financial sector.

The non-life insurance industry expects nominee Jeong to play a crucial role in resolving the numerous pending issues facing the industry. The business environment is sluggish due to low interest rates and the impact of the COVID-19 pandemic, while facing new regulatory changes.

Key issues include the sharp increase in loss ratios in automobile insurance and the urgent need to strengthen management of non-reimbursed expenses in indemnity insurance. Additionally, the next association president’s role is critical in issues such as the government's push to mandate employment insurance enrollment for insurance planners and the simplification of indemnity insurance claims, which has been stalled in the National Assembly for over ten years.

A source from the non-life insurance industry said, "He is undoubtedly capable of addressing the issues as well as being highly regarded both inside and outside the financial sector," adding, "We expect him to effectively communicate the industry's opinions externally."

This content was produced with the assistance of AI translation services.