Asian Stocks Slip as AI Rally Fades, Oil Holds Steady on Iran Peace Deal Hopes 
Western Digital Q4 Earnings Beat Estimates as FY2027 Outlook Tops Expectations 
Cloudflare Stock Jumps 15% as Earnings Beat Estimates, 2026 Outlook Raised 
US Job Growth Seen Picking Up in July 
Moderna Wins FDA Approval for mFLUSIVA mRNA Flu Vaccine for Adults 50+ 
Alibaba Plans Revenue-Sharing Model for Qwen3.8-Max AI Commercial Users 
US Stock Futures Hold Steady as Iran Hormuz Deal and Earnings Shape Market Sentiment 
Trump Unveils $3 Billion U.S. Critical Minerals Push 
Gold Prices Steady as Hormuz Tensions Fuel Fed Rate Concerns 
Gold Prices Surge 7% as Dollar Falls, Fed Rate Hike Bets Ease 
Mercedes-Benz Stock Offers Deep-Value Potential as Citi Sees Recovery Catalysts 
Siemens Energy Q3 Profit Beats Forecast as AI-Driven Power Demand Fuels Growth 
Australia Trade Surplus Returns in June as Iron Ore, Coal and LNG Exports Surge 
China Trade Surplus Beats Forecasts in July as Exports Stay Strong 
US Stock Futures Rise as Markets Await July Payrolls Data 
Asian Currencies Steady as Markets Await U.S. Jobs Data 
US Dollar Falls as Weak July Jobs Report Dents Fed Rate Hike Bets 
Hanwha General Insurance is allegedly on the edge as Kakao is getting into the insurance business too. It was reported that South Korea’s first insurance company that was funded by domestic capital is getting worried because its own Carrot Insurance may lose against the tech firm’s insurance arm.
Why Hanhwa is wary of Kakao’s entrance into the digital insurance market
Hanhwa General Insurance fears that with the establishment of Kakao’s digital non-life insurance, people could prefer this instead of its subsidiary, Carrot Insurance, that it formed together with Hyundai Motor and SK Telecom in 2019. If it loses its ground to Kakao’s insurance, then Carrot will suffer and it will not be easy to get back up again.
As per The Korea Times, Hanhwa owns a 51.6% stake in Carrot Insurance which is South Korea’s very first and only digital insurance firm before Kakao got into the same line of business this year. It was reported that Carrot is doing well and its influence in the car insurance trade in the country is growing rapidly.
In fact, it has successfully signed up 200,000 subscribers already, through its pay-as-you-go service. This is such a feat because the digital insurer has only been around for 15 months since its launch.
Kakao’s approval from the FSC for its insurance biz
At any rate, in December 2020, Kakao filed an application to get a license to start its insurance business. The country’s Financial Services Commission (FSC) granted Kakao a preliminary approval earlier this month.
With this, KakaoPay’s plan to launch its non-life digital insurance is getting the green light. Hanhwa and Carrot Insurance are said to be keeping an eye on what Kakao is about to do next.
The Korea Economic Daily reported that Kakao’s digital insurer is set to be unveiled in early 2022. It will offer products and services associated with its own KakaoTalk, Kakao T and Kakao Kids which includes children’s and property insurance.
It will also focus on traveler’s insurance involving bicycles, taxis and designated driver services. Lastly, other offerings may include personalized insurance products and group insurance programs for social clubs and activities.
