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Research & Statistics

Premium Volume in 2018

The total premium of the Korean insurance market slightly contracted by 1.2% in 2018. The decline was driven by savings products, with insurers less keen on these under IFRS 17. Meanwhile, Korea recorded its 3.45% market share, and placed 7th globally and 3rd in Asia.

[Unit: in millions of USD, %]

Korean Insurance Industry Update-Premium Volume in 2018테이블입니다
Rank Country Premium Volume in 2018 Premium Volume
in 2017
Total M/S Life Non-Life
1 United States 1,469,375 28.3 593,391 875,984 1,377,114 (6.7%)
2 PR China 574,877 11.1 313,365 261,512 541,446 (6.2%)
3 Japan 440,648 8.5 334,243 106,405 422,050 (4.4%)
4 United Kingdom 336,510 6.5 235,501 101,009 283,331 (18.8%)
5 France 257,963 5.0 165,075 92,888 241,603 (6.8%)
6 Germany 241,485 4.7 96,439 145,046 222,978 (8.3%)
7 South Korea 179,024 3.5 98,072 80,951 181,218 (-1.2%)
8 Italy 170,273 3.3 125,341 44,933 155,509 (9.5%)
9 Canada 127,903 2.5 54,070 73,833 119,520 (7.0%)
10 Taiwan 121,908 2.4 102,044 19,864 117,474 (3.8%)
World 5,193,225 100.0 2,820,175 2,373,050 4,891,694 (6.2%)

Source : Sigma, No.3/2019, Swiss Re

* Note: Rank is based on total premium volume

Insurance Density : Premium Per Capita in 2018

Insurance density reached US $3,465 in 2018 which placed Korea into 17th place overall in the world. Life and non-life insurance density totaled US $1,898 and US $1,567 respectively.

[Unit : USD]

Korean Insurance Industry Update-Insurance Density : Premium Per Capita in 2018테이블입니다
Rank Country Population
(millions)
Premiums per Capita in 2017
Total Life Non-Life
1 Cayman Islands - 11,642 462 11,179
2 Hong Kong 7.0 8,863 8,204 659
3 Switzerland 9.0 6,934 3,555 3,379
4 Denmark 6.0 6,289 4,590 1,699
5 Ireland 5.0 5,253 4,356 897
6 Taiwan 24.0 5,161 4,320 841
7 Luxembourg 1.0 5,001 2,995 2,006
8 Singapore 6.0 4,958 3,944 1,014
9 Finland 6.0 4,926 4,019 907
10 Netherlands 17.0 4,890 913 3,977
-          
17 South Korea 52.0 3,465 1,898 1,567
World 7,613.0 682 370 312

Source : Sigma, No.3/2019, Swiss Re

Insurance Penetration : Premium as a % of GDP in 2018

Insurance penetration in the Korean insurance market was a remarkable 11.2% on 2018 which placed it 5th in the world and 3rd in Asia. Much like insurance density, life insurance had a higher penetration rate at 6.1% compared to non-life insurance at 5.1%

[Unit : %]

Korean Insurance Industry Update-Insurance Penetration : Premium as a % of GDP in 2017테이블입니다
Rank Country GDP (USD billion) Premiums as % of GDP in 2018
Total Life Non-Life
1 Taiwan 584 20.9 17.5 3.4
2 Hong Kong 363 18.2 16.8 1.4
3 Cayman Islands 4 17.5 0.7 16.8
4 South Africa 374 12.9 10.3 2.6
5 South Korea 1,604 11.2 6.1 5.1
6 United Kingdom 2,824 10.6 8.3 2.3
7 Denmark 351 10.4 7.6 2.8
8 Finland 275 9.9  8.1 1.8
9 Netherlands 913 9.2 1.7 7.5
10 France 2,777 8.9 5.8 3.1
World 85,276 6.1 3.3 2.8

Source : Sigma, No.3/2019, Swiss Re

Total Premium Income

In 2018, the Korean insurance industry recorded KRW 200.8 trillion which was a year on year decrease of 0.2%. The life insurance sector decreased by 2.8% to reach KRW 110.8 trillion while the non-life insurance sector grew by 3.1% to reach KRW 90.0 trillion.

[Unit : KRW trillion, %]

Korean Insurance Industry Update-Premium Volume in 2018테이블입니다
Classification FY'14 FY'15 FY'16 FY'17 FY'18
Life 110.6 [1.8] 117.2 [6.0] 119.8 [2.2] 114.0 [-4.8] 110.8 [-2.8]
Non-Life 75.7 [8.4] 79.2 [4.6] 83.4 [5.3] 87.3 [4.7] 90.0 [3.1]
Total 186.2 [4.4] 196.4 [5.5] 203.3 [3.5] 201.3 [-1.0] 200.8 [-0.2]

Source: Insurance Statistics Yearbook(2019), KIDI

Note: Figures in parenthesis indicate the growth rate compared to the previous year. Numbers may not add up precisely to the total due to rounding error.

Total asset

In terms of total assets, the Korean insurance industry grew by 4.1%, reaching KRW 1155.2 trillion in 2018. Despite faster growth in the non-life insurance industry, life insurance accounted for the bulk of assets at KRW 857.2 trillion while non-life accounted for KRW 298.0 trillion.

[Unit : KRW trillion, %]

Korean Insurance Industry Update-Premium Volume in 2018테이블입니다
Classification FY'14 FY'15 FY'16 FY'17 FY'18
Life 662.1 [10.8] 724.9 [9.5] 782.2 [7.9] 832.8 [6.5] 857.2 [2.9]
Non-Life 200.3 [17.4] 226.1 [12.9] 252.0 [11.5] 277.1 [10.0] 298.0 [7.5]
Total 862.4 [12.3] 951.0 [10.3] 1034.2 [8.7] 1109.9 [7.3] 1155.2 [4.1]

Source: Insurance Statistics Yearbook(2019), KIDI

Note: Figures in parenthesis indicate the growth rate compared to the previous year. Numbers may not add up precisely to the total due to rounding error

Number of Insurers in Korea

As of 2018, fifty-five insurers are conducting business operations in Korea, of which twenty-four are in the life insurance business while thirty-one are in non-life insurance business.

[Unit : KRW trillion, %]

Korean Insurance Industry Update-Premium Volume in 2016테이블입니다
Category 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Life 22 22 22 23 23 24 25 25 25 25 25 24
Non-Life 28 30 30 30 30 31 31 31 31 31 31 31
Total 50 52 52 53 53 55 56 56 56 56 56 55

Source: Monthly Financial Statistics Bulletin, FSS

Note: The number of non-life insurance companies includes reinsurance companies and foreign insurance company branches in Korea.

Note: All figures are on a year-end basis