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Aug 2020

South Korea: Average life sum assured flat at about US$42K in 2016

Source: Asia Insurance Review | Sep 2017

South Korea Life & Health

The insured amount per policyholder in South Korea’s life insurance sector rose at the slowest pace last year due mainly to a decline in insurance sales, industry data show.
   On average, a life insurance policyholder had around KRW47.6 million (US$42,200) in sum insured in 2016, up by 0.2% from a year earlier, according to the data compiled by the Korea Life Insurance Association.
   The growth rate tied for the slowest pace with the 0.2% seen in 2011, compared with 5.8% growth in 2015.
   Industry watchers said the slowdown came as local life insurers reduced sales of their policies upon the introduction of the tightened global accounting rule IFRS 17, scheduled to begin in 2021. Under the rule, insurers’ liabilities will be assessed on the basis of market value, instead of book value, at the time of a contract. A 
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