Middle East North Africa - Financial Network

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Issue Date: October 2012
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South Korea is the world's ninth largest insurance industry and the third largest insurance industry in Asia behind Japan and China. Over the last decade, the insurance industry in the country has expanded significantly as a result of strong macroeconomic and microeconomic conditions and a rise in consumer awareness about insurance products. South Korea has the highest gross written premiums per capita in Asia and the highest gross written premiums as a percentage of GDP in Asia. During 2008, life insurance declined for the first time as a result of the global economic crisis. Nonetheless, the life insurance segment recovered in 2009 due to diversifying consumer needs.

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