, South Korea

S.Korea insurance industry to see 4.7% jump in GWP in 2027

This is due to a regulatory proposal to deregulate digital insurance innovations.

South Korea’s insurance industry expected a 4.7% compound annual growth rate, increasing the gross written premiums from ₩225t ($199.4b) in 2023 to ₩270.4t ($239.6b) in 2027, a report from GlobalData revealed.

GlobalData added that the expected growth rate is due to the country’s Financial Services Commission implementing its November 2022 proposal to deregulate digital innovations for new and incumbent insurers. 

The proposal allows them to develop tech-related innovations in their existing and new online insurance products. GlobalData stated that this “will increase competition between neo-insurers and incumbents, resulting in the rollout of innovative materials.”

READ MORE: India's first-year premiums drop 16.8% YoY in February

For Sravani Ampabathina, GlobalData’s insurance analyst, the proposal “will further make it easy for insurtech companies to launch specialized and disruptive products.”

“The scenario is expected to change in the coming years with the FSC planning to deregulate life insurance’s online sales. In addition to the entry of neo-insurers into life insurance, expect existing life insurers to develop their online platforms,” Ampabathina said.

Ampabathina also expected a “huge boost” in life insurance’s online sales in South Korea as the proposed regulatory changes will attract online-focused neo-insurers.  

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Markel targets professional indemnity market in Australia
Head of professional and financial risks, Kym Beazleigh, explains the game plan in Markel’s strategic expansion.
Natural disasters steer Asia Pacific towards parametric insurance
Swiss Re gives importance to parametric insurance amidst challenges like basis risk and modelling complexities.
InterContinental Singapore is saving insurance for a rainy day
NUS Professor Charoenwong discusses the effectiveness and value of a Singaporean hotel’s rain insurance offer.