Insurance industry in South Korea - statistics & facts
South Korea has one of the largest insurance industries in the world, ranking among the top 10 premium writing countries globally. Since domestic insurance companies began operating in the late 1950s, the market underwent rapid development, especially from the 1990s to the early 2010s. However, in recent years, that growth has started to slow down. A sluggish economy and demographic challenges, such as a declining birth rate and an aging population, have led to a shrinking demand for insurance products. Furthermore, the slow digital transformation of the insurance sector is holding back operational efficiency and innovation.
