S. Korea’s top 5 insurers generate 32.1% of production value

Industry turnover reached $48.3b in 2023.

In 2023, household spending accounted for 59.2% of total market demand in South Korea, highlighting the significant role of consumers in driving the market. Samsung Life Insurance emerged as the largest company in the country, contributing 10.2% of the insurance and pension funding industry's total turnover.

Despite this, the industry remains fragmented, with the top five companies generating 32.1% of the total production value, Euromonitor International reported.

The number of companies in the industry increased to 59,056 in 2023. However, industry costs rose by 4%, primarily due to higher B2B expenses.

This cost increase contributed to a decline in profitability, which stood at 24.6% of turnover, ranking as the ninth highest in the region.

South Korea's industry turnover reached $48.3b in 2023, accounting for 9.0% of the total in the Asia Pacific region.

Follow the link for more news on

Euromonitor International

insurance

Also Read

Climate change alters insurer risk management: S&P

Hanwha Life acquires 75% stake in US firm Velocity Clearing

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!

I want to download the media kit