Read the latest edition of AIR and MEIR as an Interactive e-book

Feb 2023

Market Profile

South Korea

Korea's life insurance business outperformed by non-life

The Korean non-life insurance market has demonstrated greater resilience compared to life business amid a challenging economic environment and surpassed the life segment in terms of premium income in the first half of 2022.

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General insurers on strong technical ground

The South Korean non-life industry in 2022 witnessed a major turnaround in its technical results after years of underwriting losses.

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Health insurance is adapting to consumer needs

Health insurance needs of South Koreans are transforming rapidly with the changing demography, developing technology and evolving healthcare.

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Korean reinsurance industry to see immense growth

The South Korean reinsurance industry is expected to grow at a CAGR of 7% by 2026 in terms of its GWP, owing to positive regulatory developments, introduction of coinsurance and the market’s response to climate change.

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Fast-forward the future

South Korea is an advanced tech nation and so it is hardly surprising that it is home to some interesting and innovative players in the InsurTech scene.

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Regulator focuses on reform to support insurers

Regulators respond to calls for reform as stringent regulations affect insurers’ ability to survive amid a challenging interest rate environment.

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