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Premium Volume in 2023
The total premium of the Korean insurance market accounted for 2.6% of the global market share, ranking 7th worldwide and 3rd in Asia.
[Unit: in millions of USD, %]
| Rank |
Country |
Premium Volume in 2023 |
Premium Volume
in 2022 |
| Total |
M/S |
Life |
Non-Life |
| 1 |
United States |
3,226,684 |
44.9% |
714,859 |
2,511,826 |
2,987,988 |
| 2 |
China |
723,664 |
10.1% |
390,400 |
333,264 |
696,128 |
| 3 |
United Kingdom |
374,936 |
5.2% |
236,941 |
137,995 |
336,767 |
| 4 |
Japan |
362,719 |
5.0% |
277,198 |
85,521 |
360,543 |
| 5 |
France |
282,800 |
3.9% |
170,098 |
112,702 |
258,856 |
| 6 |
Germany |
245,464 |
3.4% |
93,325 |
152,139 |
236,981 |
|
7
|
South Korea
|
185,917
|
2.6%
|
84,364
|
101,552
|
192,099
|
| 8 |
Canada |
170,520 |
2.4% |
70,319 |
100,201 |
170,520 |
| 9 |
Italy |
159,442 |
2.2% |
110,549 |
48,892 |
154,564 |
| 10 |
India |
135,958 |
1.9% |
100,185 |
35,773 |
129,765 |
|
World |
7,186,174 |
100.0% |
2,888,998 |
4,297,176 |
6,772,753 |
Source : Sigma No 3/2024, Swiss Ree
Insurance Density: Premiums Per Capita (USD) in 2023
Korea’s insurance density reached US$3,606 (life: $1,635 and non-life: $1,968) in 2023, ranking 15th globally.
[Unit : USD]
Korean Insurance Industry Update-Insurance Density : Premium Per Capita in 2023테이블입니다
| Rank |
Country |
Population
(millions) |
Premiums per Capita in 2023 |
| Total |
Life |
Non-Life |
| 1 |
United States |
335 |
9,640 |
2,136 |
7,504 |
| 2 |
Hong Kong |
7 |
8,769 |
7,574 |
1,195 |
| 3 |
Singapore |
6 |
7,799 |
6,264 |
1,536 |
| 4 |
Denmark |
6 |
7,485 |
5,565 |
1,921 |
| 5 |
Switzerland |
9 |
6,830 |
2,832 |
3,998 |
| 6 |
Ireland |
5 |
5,672 |
3,806 |
1,866 |
| 7 |
Finland
|
6 |
5,364 |
4,362 |
1,003 |
| 8 |
Netherlands |
18 |
5,216 |
724 |
4,492 |
| 9 |
United Kingdom |
68 |
4,759 |
3,466 |
1,294 |
| 10 |
Luxembourg |
1 |
4,644 |
1,997 |
2,647 |
| - |
|
|
|
|
|
|
15
|
South Korea
|
52
|
3,606
|
1,635
|
1,968
|
|
World |
7,967 |
889 |
361 |
528 |
Source : Sigma No 3/2024, Swiss Re
Insurance Penetration: Premiums in % of GDP in 2023
Insurance penetration in the Korean market stood at an impressive 11.0% in 2023, placing it 5th globally and 2nd in Asia. Similar to insurance density, the non-life insurance sector recorded a higher penetration rate of 6.0% compared to 5.0% for life insurance.
[Unit : %]
Korean Insurance Industry Update-Insurance Penetration : Premium as % of GDP in 2023테이블입니다
| Rank |
Country |
GDP (USD billion) |
Premiums in % of GDP in 2023 |
| Total |
Life |
Non-Life |
| 1 |
Hong Kong |
382 |
17.2 |
14.8 |
2.3 |
| 2 |
United States |
27,143 |
11.9 |
2.6 |
9.3 |
| 3 |
South Africa |
377 |
11.5 |
9.2 |
2.3 |
| 4 |
Denmark |
404 |
11.0 |
8.2 |
2.8 |
|
5
|
South Korea
|
1,695
|
11.0
|
5.0
|
6.0
|
| 6 |
Taiwan |
756 |
10.3 |
7.1 |
3.2 |
| 7 |
Finland |
300 |
10.0 |
8.1 |
1.9 |
| 8 |
United Kingdom |
3,342 |
9.7 |
7.1 |
2.6 |
| 9 |
Singapore |
501 |
9.2 |
7.4 |
1.8 |
| 10 |
Japan |
4,092 |
8.9 |
6.8 |
2.1 |
|
World |
100,676 |
7.0 |
2.9 |
4.2 |
Source : Sigma No 3/2024, Swiss Re
Premium Income
The total premium income in Korea decreased 6% to KRW 237.6 trillion, with a 15.3% decrease in life insurance and 4.3% increase in non-life insurance.
[Unit : KRW trillion, %]
Korean Insurance Industry Update-Premium Volume in 2023테이블입니다
|
FY'19 |
FY'20 |
FY'21 |
FY'22 |
FY'23 |
| Life |
117.3 [5.8] |
119.6 [2.0] |
118.9 [-0.6] |
132.7 [11.5] |
112.4 [-15.3] |
| Non-Life |
95.6 [5.0] |
102.3 [7.0] |
107.7 [5.3] |
120.1 [11.5] |
125.2 [4.3] |
| Total |
212.8 [5.4] |
221.9 [4.2] |
226.5 [2.1] |
252.8 [11.6] |
237.6 [-6.0] |
Source : 2023 Insurance Statistics Yearbook, KIDI
Note: Figures in parentheses represent the growth rate compared to the previous year.
Total Asset
The total assets of the Korean insurance industry decreased by 6.5%, reaching KRW 1,244.6 trillion in 2023. Life insurers held the majority of the assets at KRW 880.9 trillion, while non-life insurers accounted for KRW 343.7 trillion.
[Unit : KRW trillion, %]
Korean Insurance Industry Update-Premium Volume in 2023테이블입니다
|
FY'19 |
FY'20 |
FY'21 |
FY'22 |
FY'23 |
| Life |
918.2 [7.1] |
977.3 [6.4] |
992.4 [1.6] |
938.2 [-5.5] |
880.9 [-6.1] |
| Non-Life |
320.7 [7.4] |
344.0 [7.3] |
366.3 [6.5] |
371.8 [1.5] |
343.7 [-7.6] |
| Total |
1,238.8 [7.2] |
1,321.2 [6.6] |
1,358.7 [2.8] |
1,310.0 [-3.6] |
1,224.6 [-6.5] |
Source : Statistics Korea
Note: Figures in parentheses represent the growth rate compared to the previous year.
Number of Insurance Companies in Korea
As of 2023, 53 insurers were operating in Korea, of which 22 were life insurers while 31 were non-life insurers.
Korean Insurance Industry Update-Premium Volume in 2023테이블입니다
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
| Life |
25 |
25 |
25 |
25 |
24 |
24 |
24 |
23 |
23 |
22 |
| Non-Life |
31 |
31 |
31 |
31 |
31 |
30 |
30 |
30 |
32 |
31 |
| Total |
56 |
56 |
56 |
56 |
55 |
54 |
54 |
53 |
55 |
53 |
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.