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GlobalData is projecting a five-year average annual growth rate of 3.4% for the South Korean insurance market. Premium volume would rise from 218 300 billion KRW (167.1 billion USD) in 2025 to 249 700 billion KRW (191.2 billion USD) in 2029.
This increase is likely to be driven by demographic trends, which will boost demand for health and pension insurance products.
The life and pension business dominates the insurance sector, with an estimated market share of 84% in 2024. Non-life insurance accounts for 16% of the total portfolio in 2024.
Additionally, GlobalData noted that South Korea is prone to a number of catastrophic events, including fires and cyclones. This exposure would increase demand for fire and natural catastrophe coverage.
