Hanwha Life classifies risks that the life insurance business may entail into specific types and sets permissible limits which are adjusted on a regular basis.
Monitoring and analysis results are reported and shared on time.
The key risk types we manage are: insurance risk, interest rate risk, credit risk, market risk, liquidity risk, and reputation and operational risk. We effectively respond to other types of risk as well, such as high-risk assets and overseas assets. by setting up separate management standards.
In 2013, Hanwha Life became the first Korean life insurer to obtain ISO22301, the international standard for business continuity management (BCM).
The certification evaluates a company’s capability to restore its core operation system, in the shortest timeframe possible, in case of natural disasters and other catastrophic events to maintain a certain level of business continuity. Since 2011, we have been conducting an enterprise-wide BCM project to establish a global-standard risk management system. The ISO22301 certification represents an international recognition of Hanwha Life's reliability.