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Research & Statistics

Premium Volume in 2022

The total premium of the Korean insurance market kept its 2.7% share and placed 7th globally and 3rd in Asia.

[Unit: in millions of USD, %]

Rank Country Premium Volume in 2022 Premium Volume
in 2021
Total M/S Life Non-Life
1 United States 2,959,807 43.6% 672,006 2,287,801 2,724,798
2 PR China 697,807 10.3% 364,359 333,449 696,128
3 United Kingdom 363,009 5.4% 248,240 114,769 373,613
4 Japan 337,812 5.0% 243,892 93,920 397,948
5 France 261,254 3.9% 157,179 104,075 292,649
6 Germany 241,633 3.6% 99,164 142,469 282,390
7 South Korea 182,846 2.7% 88,026 94,820 193,008
8 Canada 170,971 2.5% 71,639 99,332 166,292
9 Italy 160,167 2.4% 115,938 44,229 191,896
10 India 131,041 1.9% 99,503 31,538 123,016
World 6,782,235 100.0% 2,813,032 3,969,203 6,764,694

Source : Sigma, No.3/2023. Swiss Re

*Note : Rank is based on total premium volume

Insurance Density : Premium Per Capita(USD) in 2022

Insurance density reached US $3,541 in 2022 which placed Korea into 18th place overall in the world. Life and non-life insurance industry totaled US$ 1,705 and US$ 1,836 respectively.

[Unit : USD]

Korean Insurance Industry Update-Insurance Density : Premium Per Capita in 2021테이블입니다
Rank Country Population
(millions)		 Premiums per Capita in 2022
Total Life Non-Life
1 Cayman Islands 0 20,834 1,627 19,207
2 Hong Kong 8 9,159 8,007 1,152
3 United States 333 8,885 2,017 6,868
4 Singapore 6 7,563 6,074 1,489
5 Denmark 6 7,320 5,532 1,788
6 Macao 1 6,605 6,048 557
7 Switzerland
 9 6,364 2,730 3,634
8 Ireland 5 5,438 3,678 1,760
9 Sweden 10 5,180 4,203 976
10 Luxembourg 6 5,036 4,099 973
-          
18 South Korea 52 3,541 1,705 1,836
World 7,953 853 354 499

Source : Sigma, No.3/2023. Swiss Re

Insurance Penetration : Premium as % of GDP in 2022

Insurance penetration in the Korean insurance market was a remarkable 11.1% on 2022 which placed it 7th in the world and 3rd in Asia. Much like insurance density, non-life insurance had a higher penetration rate at 5.8% compared to life insurance at 5.4%.

[Unit : %]

Korean Insurance Industry Update-Insurance Penetration : Premium as % of GDP in 2021테이블입니다
Rank Country GDP (USD billion) Premiums as % of GDP in 2022
Total Life Non-Life
1 Cayman Islands 6 23.2 1.8 21.4
2 Macao 22 20.9 19.1 1.8
3 Hong Kong 361 19.0 16.7 2.4
4 United States 25,463 11.6 2.6 9.0
5 Taiwan 762 11.4 8.2 3.1
6 South Africa 405 11.3 9.1 2.2
7 South Korea 1,644 11.1 5.4 5.8
8 Denmark 395 10.9 8.3 2.7
9 United kingdom 3,082 10.5 8.1 2.4
10 Finland 281 10.0 8.1 1.9
World 100,059 6.8 2.8 4.0

Source : Sigma, No.3/2023. Swiss Re

Premium Income

In 2022, the Korea insurance industry recorded KRW 252.8 trillion which was a year on year increase of 11.6%. The life insurance sector increased by 11.5% to reach KRW 132.7 trillion while the non-life insurance sector increased by 11.5% to reach KRW 120.1 trillion.

[Unit : KRW trillion, %]

Korean Insurance Industry Update-Premium Volume in 2022테이블입니다
Classification FY'18 FY'19 FY'20 FY'21 FY'22
Life 110.8 [-2.8] 117.3 [5.8] 119.6 [2.0] 118.9 [-0.6] 132.7 [11.5]
Non-Life 91.1 [3.1] 95.6 [5.0] 102.3 [7.0] 107.7 [5.3] 120.1 [11.5]
Total 201.9 [-0.2] 212.8 [5.4] 221.9 [4.2] 226.5 [2.1] 252.8 [11.6]

Source : Sigma, No.3/2023. Swiss Re

Total asset

In terms of total assets, the Korean insurance industry decreased by 4.7%, reaching KRW 1,294.6 trillion in 2022. Life insurance accounted for the bulk of assets at KRW 938.3 trillion while non-life accounted for KRW 356.4 trillion.

[Unit : KRW trillion, %]

Korean Insurance Industry Update-Premium Volume in 2022테이블입니다
Classification FY'18 FY'19 FY'20 FY'21 FY'22
Life 857.2 [2.9] 918.2 [7.1] 977.3 [6.4] 992.4 [1.5] 938.3 [-5.5]
Non-Life 298.0 [7.5] 320.7 [7.6] 343.8 [7.2] 366.3 [6.6] 356.4 [-2.7]
Total 1,155.2 [4.1] 1,238.8 [7.2] 1,321.1 [6.6] 1,358.7 [2.8] 1,294.6 [-4.7]

Source : Sigma, No.3/2023. Swiss Re

Note : Figures in parenthesis indicate the grwoth 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 2022, 55 insurers are conducting business operation in Korea, of which are 23 in the life insurance business while 32 are in non-life insurance business.

 

Korean Insurance Industry Update-Premium Volume in 2020테이블입니다
Category 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Life 23 23 24 25 25 25 25 25 24 24 24 23 23
Non-Life 30 30 31 31 31 31 31 31 31 30 30 30 32
Total 53 53 55 56 56 56 56 56 55 54 54 53 55

Source : Financial Statistics Information System, 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.