AM Best maintains stable outlook for South Korean non-life insurance market

AM Best [4] maintains a stable outlook for the South Korean non-life insurance market. This decision goes back to the record profitability of insurers in this segment in 2021.

Local non-life insurance companies have recorded a 4% increase of their overall turnover set at 89 trillion KRW (74.76 billion USD).

The net profit of all insurers has reached a record level of 3.7 trillion KRW (3.11 billion USD), incrteasing by 72% over a year. This result has been achieved thanks to a significantly improved underwriting performance, especially in motor insurance.

AM Best expects a stable growth of the sector's turnover in 2022, supported by the development of the health activity and the customers' loyalty.