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South Korea: Premium growth to slow next year

Source: Asia Insurance Review | Nov 2016

South Korea’s insurance industry is expected to face slower premium growth next year, mainly due to low interest rate trends, slow economic growth and ageing society, according to a report by the Korea Insurance Research Institute.
   The premium growth rate is likely to fall to 2.2% next year from a forecast 3.2% this year. It was 5.5% in 2015, the report showed.
   Life insurers are expected to see growth of 1.7% next year from 2.7% this year. P&C insurers would see their premium growth dip to 2.9% next year from 3.8% this year.
   “The demand for insurance policies is falling due to low economic growth linked with the ageing society and low interest rates,” said Im Jun-hwan, Director of Research, Planning and Coordination at the institute.
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