South Korean Life Insurance Market was the Third-Largest in Asia

Date: 2015-09-21

“• The South Korean life insurance market was the third-largest in Asia in terms of gross written premium in 2013, after Japan and China. 

• A high consumer preference for long-term life insurance products supported the segment’s growth during the review period.

• Although life insurance has traditionally been one of the most popular forms of saving in South Korea, the segment is now mature and has limited growth opportunities compared to corresponding segments in China and India. 

• The segment is expected to grow over the forecast period driven by the rapid expansion of the aging population and demand for retirement protection products.

• In order to meet the rising pension deficit, the Korean government is expected to introduce pension reforms in 2015. 

• The segment is in a phase of near saturation and a series of mergers and acquisitions occurred during the review period. “

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