Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Apr 2026

Market Profile


South Korea

Cracking the L&H code among Millennials and Gen Zs

With Millennials and Gen Zs in South Korea increasingly viewing life and health coverage as less of a long-term product and more like a digital utility, the focus is shifting towards policies that are instantly accessible and manageable without face-to-face interaction.
 

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Moderate growth despite elevated loss activity

The South Korean non-life insurance market delivered moderate growth in 2025, supported by steady investment performance and generally improved underwriting results across most major lines.
 

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A mature market, yet much to be achieved

With the continual rise of critical illnesses, South Korean insurers need to get proactive and bridge the adequacy gap in critical illness covers.
 

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New opportunities emerge despite slowing general insurance market

Emerging segments such as cyber, renewable energy and climate-related coverage are driving demand, while rising Nat CAT risks increase volatility.
 

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Regulatory overhaul amid IFRS17, K-ICS, and digital transformation

The South Korean insurance industry is navigating reforms amid new accounting standards, capital frameworks, and technological developments that are changing risk management, governance, and compliance.
 

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Industry faces major headwinds in growth and profitability

The South Korean insurance industry is facing the dual challenge of slow economic growth and an ageing population.
 

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