Global forum underscores urgency for insurance innovation amid climate, cyber threats

Samsung Fire & Marine Insurance CEO Lee Mun-hwa delivers opening remarks during the Korea International Insurance Conference at Inspire Entertainment Resort in Incheon, Thursday. Courtesy of Samsung Fire & Marine Insurance

INCHEON — About 900 professionals from 150 insurance organizations, representing 23 countries, gathered at the Korea International Insurance Conference (KIIC) on Wednesday and Thursday at Incheon's Inspire Entertainment Resort. The conference allowed participants to explore the evolving risk landscape facing the insurance industry and to exchange forward-looking strategies aimed at fostering agile and effective responses to emerging challenges.

Marking its second year, this year's KIIC was held under the theme "Evolving Risks, Agile Action," highlighting the growing urgency for insurers to adapt rapidly and innovatively in the face of new and complex challenges.

Lee Mun-hwa, CEO of Samsung Fire & Marine Insurance (SFMI) — the lead sponsor of the event — opened the main session on Thursday with remarks addressing the growing complexity of global risks such as climate change and cybersecurity threats.

"The world is entering an era marked by increasing unpredictability, where climate-related disasters are intensifying and the rapid evolution of digital technologies is giving rise to new forms of risk," Lee said.

He emphasized that agile action goes beyond simply acting quickly, stressing that it involves the ability to anticipate and assess fast-changing threats, deliver flexible products and innovative services that respond to customers’ needs and build data-driven decision-making frameworks.

"While fulfilling its core mission, the insurance industry must also take proactive steps toward sustainable transformation," he added.

Lee Hyung-ju, standing commissioner of Korea's Financial Services Commission, delivered congratulatory remarks emphasizing the urgent need for the industry to adapt to rapidly evolving risks brought on by digital transformation and climate change.

He noted that the nature and scale of risks are constantly changing, citing the rise of cyber threats and extreme weather events — such as the wildfires in Andong, North Gyeongsang Province, and Los Angeles in the United States — as evidence of this accelerating trend.

"These are no longer distant or future challenges. They are immediate realities that demand swift strategic actions," he said. "To continue fulfilling its role as a societal safety net, the insurance industry must respond quickly and effectively to these new risk landscapes."

Lee called for stronger collaboration between primary insurers and reinsurers, and stressed the importance of maintaining the financial soundness of insurance companies to better address the growing threat of climate-related risks.

"To prepare for large-scale claims, quick adaptation and thorough preparedness are essential to overcoming the current crisis — and they cannot be emphasized enough," he said. "Furthermore, I urge insurance companies to support proactive risk prevention by helping economic actors identify and manage risks before they materialize."

He concluded by calling for global cooperation in the face of transboundary risks, describing the conference as a vital platform for the industry to share experiences, data and collective intelligence.

Samsung Fire & Marine Insurance CEO Lee Mun-hwa, seventh from left, poses with other participants during the Korea International Insurance Conference at Inspire Entertainment Resort in Incheon, Thursday. Courtesy of Samsung Fire & Marine Insurance

Two keynote speeches were delivered by Ha Tae-keung, president of the Korea Insurance Institute, and Jad Ariss, managing director of the Geneva Association.

Ha spoke under the theme "Risk, Trust, Transformation," exploring how the industry can rebuild public trust and adapt amid growing global uncertainty.

Following him, Ariss provided a global perspective on the industry's responsibilities in addressing systemic risks, in a keynote titled "The Insurance Industry's Role in a Risk-Evolving World."

In addition, a range of speakers took part in discussions on cyber threats and climate change across multiple sessions.