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Premium Volume in 2024
The total premium of the Korean insurance market accounted for 2.3% of the global market share, ranking 9th worldwide and 3rd in Asia.
[Unit: in millions of USD, %]
| Rank |
Country |
Premium Volume in 2024 |
Premium Volume
in 2023 |
| Total |
M/S |
Life |
Non-Life |
| 1 |
United States |
3,496,714 |
44.8% |
781,205 |
2,715,509 |
3,233,489 |
| 2 |
China |
791,616 |
10.2% |
443,553 |
348,063 |
723,660 |
| 3 |
United Kingdom |
484,867 |
6.2% |
334,442 |
150,425 |
453,889 |
| 4 |
Japan |
338,890 |
4.4% |
257,952 |
80,938 |
362,719 |
| 5 |
France |
292,472 |
3.8% |
190,323 |
102,149 |
263,967 |
| 6 |
Germany |
266,463 |
3.4% |
97,890 |
168,573 |
253,823 |
| 7 |
Canada |
180,587 |
2.3% |
74,449 |
106,138 |
172,471 |
| 8 |
Italy |
179,863 |
2.3% |
126,950 |
52,913 |
156,894 |
|
9
|
South Korea
|
175,690
|
2.3%
|
77,656
|
98,033
|
177,041
|
| 10 |
India |
141,161 |
1.8% |
104,839 |
36,322 |
135,706 |
|
World |
7,799,328 |
100.0% |
3,197,641 |
4,601,687 |
7,275,611 |
Source : Sigma No 2/2025, Swiss Re
Insurance Density: Premiums Per Capita (USD) in 2024
Korea’s insurance density reached US$3,395 (life: $1,501 and non-life: $1,894) in 2024, ranking 16th globally.
[Unit : USD]
Korean Insurance Industry Update-Insurance Density : Premium Per Capita in 2024테이블입니다
| Rank |
Country |
Population
(millions) |
Premiums per Capita in 2024 |
| Total |
Life |
Non-Life |
| 1 |
United States |
340 |
10,295 |
2,300 |
7,995 |
| 2 |
Hong Kong |
7 |
10,043 |
8,624 |
1,419 |
| 3 |
Denmark |
6 |
7,963 |
5,897 |
2,066 |
| 4 |
Singapore |
6 |
7,468 |
5,923 |
1,545 |
| 5 |
Switzerland |
9 |
6,980 |
2,833 |
4,147 |
| 6 |
Ireland |
5 |
6,251 |
4,377 |
1,874 |
| 7 |
United Kingdom
|
69 |
6,185 |
4,827 |
1,359 |
| 8 |
Finland |
6 |
5,638 |
4,611 |
1,027 |
| 9 |
Netherlands |
18 |
5,486 |
715 |
4,771 |
| 10 |
Luxembourg |
1 |
5,156 |
2,805 |
2,351 |
| - |
|
|
|
|
|
|
16
|
South Korea
|
52
|
3,395
|
1,501
|
1,894
|
|
World |
8,072 |
943 |
388 |
555 |
Source : Sigma No 2/2025, Swiss Re
Insurance Penetration: Premiums in % of GDP in 2024
Insurance penetration in the Korean market stood at 9.4% in 2024, placing it 9th globally and 3rd in Asia. Similar to insurance density, the non-life insurance sector recorded a higher penetration rate of 5.3% compared to 4.2% for life insurance.
[Unit : %]
Korean Insurance Industry Update-Insurance Penetration : Premium as % of GDP in 2024테이블입니다
| Rank |
Country |
GDP (USD billion) |
Premiums in % of GDP in 2024 |
| Total |
Life |
Non-Life |
| 1 |
Hong Kong |
408 |
18.2 |
15.7 |
2.6 |
| 2 |
United States |
28,825 |
12.1 |
2.7 |
9.4 |
| 3 |
South Africa |
402 |
12.1 |
9.6 |
2.4 |
| 4 |
United Kingdom |
3,640 |
11.8 |
9.2 |
2.6 |
|
5
|
Denmark |
428 |
11.1 |
8.2 |
2.9 |
| 6 |
Taiwan |
793 |
10.6 |
7.5 |
3.2 |
| 7 |
Finland |
299 |
10.6 |
8.7 |
1.9 |
| 8 |
France |
3,157 |
9.6 |
6.5 |
3.1 |
|
9
|
South Korea
|
1,867
|
9.4
|
4.2
|
5.3
|
| 10 |
Namibia |
13 |
8.7 |
6 |
2.7 |
|
World |
104,827 |
7.3 |
3.0 |
4.3 |
Source : Sigma No 2/2025, Swiss Re
Premium Income
The total premium income in Korea increased 1.4% to KRW 241 trillion in 2024, with a 0.9% and 1.9% increase in life and non-life insurance, respectively.
[Unit : KRW trillion, %]
Korean Insurance Industry Update-Premium Volume in 2024테이블입니다
|
FY'20 |
FY'21 |
FY'22 |
FY'23 |
FY'24 |
| Life |
119.6 [2.0] |
118.9 [-0.6] |
132.7 [11.5] |
112.4 [-15.3] |
113.4 [0.9] |
| Non-Life |
102.3 [7.0] |
107.7 [5.3] |
120.1 [11.5] |
125.2 [4.3] |
127.6 [1.9] |
| Total |
221.9 [4.2] |
226.5 [2.1] |
252.8 [11.6] |
237.6 [-6.0] |
241.0 [1.4] |
Source : 2020-2023 Insurance Statistics Yearbook, Statistics Korea
Note : Figures in parentheses represent the growth rate compared to the previous year.
Total Asset
The total assets of the Korean insurance industry increased by 4%, reaching KRW 1,273.2 trillion in 2024. Life insurers held the majority of the assets at KRW 905.5 trillion, while non-life insurers accounted for KRW 367.7 trillion.
[Unit : KRW trillion, %]
Korean Insurance Industry Update-Premium Volume in 2024테이블입니다
|
FY'20 |
FY'21 |
FY'22 |
FY'23 |
FY'24 |
| Life |
977.2 [6.4] |
992.4 [1.6] |
938.2 [-5.5] |
880.9 [-6.1] |
905.5 [2.8] |
| Non-Life |
344.0 [7.3] |
366.3 [6.5] |
371.8 [1.5] |
343.7 [-7.6] |
367.7 [7.0] |
| Total |
1,321.2 [6.6] |
1,358.7 [2.8] |
1,310.0 [-3.6] |
1,224.6 [-6.5] |
1,273.2 [4.0] |
Source : 2020-2023 Insurance Statistics Yearbook, Statistics Korea
Note : Figures in parentheses represent the growth rate compared to the previous year.
Number of Insurance Companies in Korea
As of 2024, 54 insurers were operating in Korea, of which 22 were life insurers while 32 were non-life insurers.
Korean Insurance Industry Update-Premium Volume in 2024테이블입니다
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Life |
25 |
25 |
25 |
24 |
24 |
24 |
23 |
23 |
22 |
22 |
| Non-Life |
31 |
31 |
31 |
31 |
30 |
30 |
30 |
32 |
31 |
32 |
| Total |
56 |
56 |
56 |
55 |
54 |
54 |
53 |
55 |
53 |
54 |
Source : Financial Statistics Information System, FSS
Note : The number of non-life insurance companies includes reinsurance companies and foreign insurance company branches operating in Korea. All figures are on a year-end basis.