[Asia Exclusive] Three-Term Lawmaker and Economic Policy Expert... Leading the Insurance Industry

Rich Political and Business Networks
Presenting New Perspectives on Growth Drivers in the Insurance Industry

Jung Hee-su, Chairman of the Life Insurance Association, is being interviewed on the 5th at the Life Insurance Association in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Oh Hyung-gil] The first statement of Jung Hee-soo, president of the Life Insurance Association who took office last December, was not about insurance issues but about ‘ESG (Environmental, Social, and Governance).’ He emphasized that insurance companies should take the lead in ESG management to realize the social value of corporations.

This led to a significant outcome in February of the following year when the CEOs of the life and non-life insurance industries gathered to declare their participation in ESG management. It is an anecdote that demonstrates his insight and drive as an economic expert.

Born in 1953 in Yeongcheon, Gyeongsangbuk-do, President Jung graduated from Daegu Commercial High School and Sungkyunkwan University (Department of Sociology), and earned his master's and doctoral degrees in economics from the University of Illinois. After returning to Korea, he worked at Daewoo Economic Research Institute, served as head of the Management Strategy Research Center at POSCO Research Institute, and was director of the Baeksang Economic Research Institute, actively working as an economic expert.

He entered politics upon the recommendation of Lee Han-gu, former Saenuri Party lawmaker and former head of Daewoo Economic Research Institute, and was elected in a by-election for the Yeongcheon City constituency in Gyeongsangbuk-do in 2005 for the 17th National Assembly. He was subsequently re-elected in the 18th and 19th National Assembly elections in 2008 and 2012. In the National Assembly, he served as the head of the Economic Policy Forum and as chairman of the Planning and Finance Committee (19th Assembly), contributing to the preparation of economic-related legislation.

In 2018, he began his relationship with the insurance industry by taking office as president of the Insurance Training Institute. During his tenure, he contributed to providing educational programs tailored to changes in the insurance environment. He introduced courses related to the new International Financial Reporting Standard for Insurance Contracts (IFRS17), the new solvency regime (K-ICS), and insurtech.

His perspective as an economic expert and his solid political and business network as a three-term lawmaker have been a great asset in resolving issues in the insurance industry. He also has a connection with Jung Eun-bo, governor of the Financial Supervisory Service, whom he met when he was vice minister of the Ministry of Strategy and Finance during his time as chairman of the Planning and Finance Committee.

President Jung stated, “We are communicating smoothly with the financial authorities,” and added, “While emphasizing the importance of insurance in the era of 100-year lifespans, I proposed the establishment of a pension insurance bureau within the authorities to create policy consistency that would pave the way for ‘well-dying’ in the 100-year era.”

He recently introduced that he has started research on innovation in insurance sales channels. He said, “The current insurance sales channels will become problematic when the MZ generation (Millennials + Generation Z) reaches their 50s and 60s,” and added, “We plan to work together with the insurance industry through channel innovation consulting, including recruiting and nurturing young planners.”

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