13th September 2023
The South Korean life insurance industry is forecast to grow at a compound annual growth rate(CAGR) of 5.6% over 2023–27, from KRW205.3tr($154.2bn) in 2023 to KRW255.4tr($191.2bn) in 2027, in terms of direct written premiums(DWP), according to GlobalData.
According to GlobalData’s Insurance Database, the South Korean life insurance industry is expected to grow by 4.4% in 2023. The growth will be driven by changing demographic factors such as low fertility and a rapidly aging population that has increased the demand for pension, long-term care, and whole-life policies.
Prasanth Katam, Insurance Analyst at GlobalData, comments: "The aging population(aged 65 or more) in South Korea, which accounted for 17.5% of the total population in 2022, is expected to reach 20% by 2025, according to Statistics Korea. The rise in the older population will have a significant impact on the demand for long-term savings life insurance products."
GlobalData Trends(192 articles)
South Korea Trends(301 articles)