Country Profile - South Korea: Rising to Lofty Heights
Source: Asia Insurance Review | Oct 2008
South Korea is not sitting on its laurels. Despite being Asia Pacific’s second-largest market both in life and P&C classes, the government wants more and promises to loosen its hold of the industry. The dynamically innovative life sector rides high on its premium growth, as does the non-life sector, despite falling one notch to 10th place as the world’s largest non-life insurance market. Both classes remain dominated by chaebol players – but foreign life insurers are slowly showing that they can shake this dominance.
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