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Jan 2021

South Korea: Insurance business predicted to stagnate next year

Source: Asia Insurance Review | Nov 2019

The South Korean insurance market is expected to report nearly flat growth in premium income next year, because of a slowing economy and an ageing population, reported the Yonhap News Agency.
The combined premium income for next year is forecast to stand at KRW202.7tn ($169bn), compared with the estimate of KRW202.6tn for this year, said the Korea Insurance Research Institute.
Premiums fell by 1% in 2017, 0.2% in 2018 and are likely to grow by 0.3% this year, according to the report. A 
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