bs-preloader__icon
ru kz en

South Korean life insurance market to increase significantly

The growth of life insurance sector in South Korea will be 5.6% between 2023 and 2027. The volume of premiums collected will increase from $154.2 billion in 2023 to $191.2 billion in 2027, according to a study by analytics company GlobalData.
South Korean life insurance market to increase significantly

The market growth can be explained by the changing demographic situation in the country. “According to the Statistical Agency of Korea, the aging population segment (people aged 65 years and older) was 17.5% in 2022. This figure is expected to reach 20% in 2025. Such a jump will lead to a sharp increase in demand for retirement annuities and other long-term life insurance products,” explained GlobalData insurance analyst Prasanth Katam.

South Korean retirement life insurance is part of the social security system. The main goal of this program is to provide financial support to older people and their families in the event of loss of a breadwinner.

Program participants are required to pay regular insurance premiums. The amount of premium may depend on working person’s income.

In case of death of a plan participant, their beneficiaries are entitled to receive insurance benefits.

Source: https://www.insurancebusinessmag.com/asia/news/life-insurance/south-korea-life-insurance-to-see-hefty-boost-in-coming-years-459290.aspx

Photos are from open sources.

Share
read also
How succinic acid protects against viruses
How succinic acid protects against viruses

The body needs additional sources of energy in winter. Nutritionist Yelena Solomatina...

Insurers find out parents' preferences for savings and life insurance for children
Insurers find out parents' preferences for savings and life insurance for children

More than 60% of residents of large and medium cities of Ukraine consider it necessar...

Japanese insurer Mitsui Sumitomo will replace 90% of the work of sales and underwriting department with AI-algorithms
Japanese insurer Mitsui Sumitomo will replace 90% of the work of sales and underwriting department with AI-algorithms

Japanese insurance company Mitsui Sumitomo Insurance has introduced artificial intell...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application