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South Korea

Life Report

Product Insurance Market Reports Life Rev Korea, South

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details South Korea's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in South Korea's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of South Korea

The South Korea life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of South Korea. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit South Korea and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about South Korea’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in South Korea is available.

Axco’s report describes the regulatory framework that applies to the South Korean domestic life insurance sector, including whether non-admitted insurance is permitted in South Korea; as well as the legislation necessary to know regarding South Korea’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in South Africa with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including South Korean market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in South Korea, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of South Korean pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The South Korea report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

South Korea Life & Benefits Report Extract

Below are brief extracts of information from the South Korea Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Life insurance in Korea dates back to the end of the 19th century, although the modern industry essentially dates back to the mid-20th century. Since the 1997 Asian financial crisis, the industry has struggled with low interest rates that do not match the high interest rate guarantees contained in the policies issued in earlier years.

Korea's insurance buying public is relatively risk averse with guaranteed products, written in the general account ....

Pensions

The retirement benefit market in Korea still has much development to be done in order to become a true pensions market. Historically, termination indemnities (payable as lump sums) due in terms of the Labor Standards Act (LSA) were paid from operating income and held as liabilities on the balance sheets of the employer but this is no longer tax effective. ....

Healthcare

The state healthcare system is extensive and costs are managed by the legislature mandating healthcare costs. Individuals pay a proportion of medical costs that is dependent on the type of medical service provided. In most cases the service user pays a copayment of 30% of the costs of medication and doctors' fees, but for dental work this increases to 80% and for inpatient care the copayment is 20% (although this may be lower for certain diseases). There are also caps on the total copayments payable by an individual each year. Market sources note that the current government wants to reduce the copayment levels ....

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