From 2013 to 2023, the gross premium income of life insurance in South Korea experienced a general upward trend, reaching 118.8 billion USD in 2023. The year-on-year variation showed fluctuations, with significant growth in 2014 at 10.6%, followed by a steady increase and minor declines in 2020 at -3.2%. The average annual CAGR over the last five years stood at 1.85%. Future forecasts from 2024 to 2028 indicate a moderate growth rate with an expected 5-year CAGR of 1.33%, projecting the gross premium income to 128.83 billion USD by 2028.
Future trends to watch for include the impact of digital transformations in the insurance industry, the increasing importance of personalized insurance products, and the influence of regulatory changes on market dynamics. These factors are likely to shape the landscape of life insurance in South Korea over the coming years.
