South Korea Life Insurance Market Size, Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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South Korea Life Insurance Market Report Overview
The gross written premium of the South Korea life insurance market was KRW186.3 trillion ($164.1 billion) in 2022 and is expected to achieve a CAGR of more than 4% during 2023-2027. The South Korea life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for South Korea’s life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded & cession rates during the review period and forecast period.
The report analyzes distribution channels operating in the segment, gives a comprehensive overview of South Korea’s economy and demographics, and provides detailed information on the competitive landscape in the country. It also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
South Korea Life Insurance Market Outlook, 2022-2027 (EUR Billion)
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South Korea Life Insurance Market Trends
Environmental, social, and corporate governance (ESG), personalization and hyper-personalization, and inclusive insurance are some of the key trends impacting the South Korea life insurance market.
Sustainability is a key issue in the insurance industry for its profitability. With the South Korean insurance industry being dominated by large conglomerates, ESG is expected to remain a trending topic over the coming years. Samsung Life, Shinhan Life, SK Life, and Hanwha Life are among the leading insurers investing in sustainability. Moreover, in December 2022, Samsung, Shinhan Financial Group, and Mirae Asset were among the insurers named in Dow Jones’ sustainability index.
South Korea Life Insurance Market Segmentation by Lines of Business
The key lines of business in the South Korea life insurance industry are endowment, term life, general annuity, pension, whole life, and other life insurance. Pension is leading life insurance with more than 36% share in DWP in 2022. Whole life was the second largest line, followed by term life.
South Korea Life Insurance Market Analysis by Lines of Business, 2022 (%)
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South Korea Life Insurance Market Segmentation by Distribution Channel
The key distribution channels in the South Korea life insurance industry are direct from insurer, insurance brokers, online aggregator, bank, and financial advisor. Direct from insurer was the most sought-out channel for life insurance in South Korea in 2022, followed by insurance brokers.
South Korea Life Insurance Market Analysis by Distribution Channel, 2022 (%)
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South Korea Life Insurance Market - Competitive Landscape
The leading life insurance companies in South Korea are Samsung Life, Hanwha Life, Fubon Hyundai Life, NongHyup Life, and Kyobo Life among others. Samsung Life accounted for the highest share in 2021, followed by Kyobo Life and Hanwha Life.
South Korea Life Insurance Market Analysis by Companies, 2021 (%)
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South Korea Life Insurance Market Report Overview
Market Size (2022) | KRW186.3 trillion ($164.1 billion) |
CAGR | >4% |
Forecast Period | 2023-2027 |
Historical Period | 2017-2022 |
Key Lines of Business | Endowment, Term Life, General Annuity, Pension, Whole Life, And Other Life Insurance |
Key Distribution Channel | Direct From Insurer, Insurance Brokers, Online Aggregator, Bank, And Financial Advisor |
Leading Companies | Samsung Life, Hanwha Life, Fubon Hyundai Life, NongHyup Life, and Kyobo Life |
Segments Covered in the Report
South Korea Life Insurance Lines of Business Outlook (Value, $ Billion, 2017-2027)
- Endowment
- Pension
- Term life
- General annuity
- Whole life
- Other life insurance
South Korea Life Insurance Distribution Channel Outlook (Value, $ Billion, 2017-2027)
- Direct From Insurer
- Insurance Brokers
- Online Aggregator
- Bank
- Financial Advisor
Scope
This report provides a comprehensive analysis of the life insurance segment in South Korea –
- It provides historical values for South Korea’s life insurance segment for the report’s review period and projected figures for the forecast period.
- It profiles the top life insurance companies in South Korea and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the South Korea life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the South Korea life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Hanwha Life Insurance
Kyobo Life Insurance
Mirae Asset Life Insurance
Shinhan Life Insurance
Korean Reinsurance Company
Tongyang Life Insurance
NongHyup Life Insurance
Table of Contents
Frequently asked questions
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What was the South Korea life insurance market gross written premium in 2022?
The gross written premium of the South Korea life insurance market was KRW186.3 trillion ($164.1 billion) in 2022.
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What is the South Korea life insurance market growth rate?
The life insurance market in South Korea is expected to achieve a CAGR of more than 4% during 2023-2027.
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What are the key lines of business in the South Korea life insurance market?
The key lines of business in the South Korea life insurance market are endowment, term life, general annuity, pension, whole life, and other life insurance.
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What are the key distribution channels in the South Korea life insurance market?
The key channels in the South Korea life insurance market are direct from insurer, insurance brokers, online aggregator, bank, and financial advisor.
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Which are the leading companies in the South Korea life insurance industry?
The leading life insurance companies in South Korea are Samsung Life, Hanwha Life, Fubon Hyundai Life, NongHyup Life, and Kyobo Life.
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