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South Korea

Korea, South

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s South Korea Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for South Korea includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for South Korea can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)
GMT+9
Seoul
KRW
51.829 mn
1.92
1.50
173,510.619.11
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Since the 1970s the Republic of Korea has transformed itself into one of the world's leading economies. Its spectacular economic growth was based on state-directed, export-oriented manufacturing dominated by a small number of family-controlled conglomerates known as "chaebol". In early 2018, the government classified 45 companies as chaebols, of which the ten largest owned over 27% of all business assets nationally.  Korea's economy is based on export-oriented manufacturing despite the growth of the service sector.

Non-life premium income in 2018 was KRW 89.97trn. The non-life market has an unusual structure in the sense that long-term business accounts for over 70% of premium income. Long-term lines include corporate and individual pensions as well as personal accident, personal property, sickness and medical expenses.

The Korean non-life market comprises 10 domestic multiline insurers, one direct motor monoline, three credit and guarantee insurers and nine foreign branches or subsidiaries. The market is dominated by four domestic companies, which are all associated with leading "chaebol".

Insurance distribution is mainly in the hands of agents, "solicitors" and insurers' in-house production departments. Deregulation has allowed the emergence of new distribution channels such as bancassurance, direct writing and the internet.

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