South Korea

The country profile below provides information on population, gross domestic product, insurance premiums and leading insurers.

Insurance Association

Korea Non-life Insurance Association
Web: www.knia.or.kr

 

POPULATION, 2011-2014 (1)

Year Population
2011 48,754,657
2012 48,860,500
2013 48,955,203
2014 49,039,986

(1) Estimated.

Source: U.S. Central Intelligence Agency.

 

 

GROSS DOMESTIC PRODUCT, 2009-2013 (1)

Year GDP
2009 $1,278.0
2010 1,343.0
2011 1,467.0
2012 1,554.0
2013 1,666.0

(1) Based on Purchasing Power Parity calculations, which take into account the relative cost of living and inflation rates of countries. GDP estimate for July for each year shown.

Source: U.S. Central Intelligence Agency.

 

 

LIFE AND NONLIFE INSURANCE PREMIUMS, 2013

(U.S. $ millions)

  Direct premiums written
Nonlife premiums (1) $54,223
Life premiums 91,204
Total premiums $145,427
Percent of total world premiums 3.13%

(1) Includes accident and health insurance.

Source: Swiss Re, sigma, No. 3/2014.

View Archived Tables

 

 

LEADING NONLIFE INSURANCE COMPANIES, 2012

  Gross written premiums
Company KRW Mn USD Mn
Samsung  17,379,320.4 15,428.1
Hyundai  10,621,581.5 9,429.1
Dongbu  9,992,870.4 8,871.0
LIG  9,498,520.6 8,432.1
Meritz  4,965,369.3 4,407.9
Hanwha  3,993,436.2 3,545.1
Heungkuk  2,957,797.0 2,625.7
Lotte  2,314,516.1 2,054.7
Seoul Guarantee  1,346,811.7 1,195.6
Green (now MG)  636,079.9 564.7

Source: Axco Insurance Information Services.

View Archived Tables

 

 

LEADING LIFE INSURANCE COMPANIES, 2012

  Gross written premiums
Company KRW Mn USD Mn
Samsung  30,755,474.2 27,302.5
Hanwha  14,509,588.5 12,880.6
Kyobo  12,744,123.2 11,313.3
Nonghyup  10,925,057.2 9,698.5
Shinhan  5,149,141.7 4,571.0
Mirae Asset  5,052,457.9 4,485.2
Tong Yang  4,598,669.8 4,082.4
Heungkuk  4,310,808.5 3,826.8
ING  4,123,679.2 3,660.7
KDB  3,221,236.4 2,859.6

Source: Axco Insurance Information Services.