Lee Bok-hyun, the chief of the Financial Supervisory Service, is seen in this undated file photo. Yonhap

The chief of Korea's financial watchdog said Wednesday that insurers need to enhance their risk management and capital base amid increased market uncertainties and falling rates.

"Based on financial analysis, insurers need to manage risks at reasonable levels and raise underlying capital bases," Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), said in a meeting with heads of insurers.

He said financial authorities will also make efforts to support their moves by updating and streamlining related regulations.

The FSS chief also urged insurers to beef up their internal control systems and called on them to better protect customers. (Yonhap)