Korea Insurance Research Institute (KIRI) President Ahn Chul-kyung / Courtesy of KIRI

By Anna J. Park

Ahn Chul-kyung, the incumbent president of the Korea Insurance Research Institute (KIRI), has been selected as the research institute's next president this week, after a nine-month delay in appointing the head of the institute.

The KIRI president recommendation committee announced earlier this week that current president Ahn will be serving another three-year term. It is the research institute's first time ever to reappoint a president. The appointment will be confirmed at the general assembly meeting of the institute, scheduled for Dec 23.

The recommendation committee first started its task back in March this year, selecting three nominees, including incumbent president Ahn for the president of the institute position. The appointment was supposed to be completed by the end of March, as Ahn's term was slated to end in early April.

However, the selection process was delayed by nine months. Industry insiders say there has been a request to pause the process by the financial authorities, as the presidential transition team was active then due to preparations for the nation's new president taking office in May. In addition, six of the recommendation committee members were replaced in November, due to the completion of their terms. Against this backdrop, KIRI decided to appoint its new president nine months later.

Industry watchers say Ahn's expertise, as well as his reputation, particularly his willingness to strengthen communication with industry, were all positively reflected in the decision to have him serve another term as the head of the insurance research institute.