South Korea

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

General Insurance Association of Korea
Web: http://www.knia.or.kr/

Population, 2011-2015 (1)

Year Population
2011 48,754,657
2012 48,860,500
2013 48,955,203
2014 49,039,986
2015 49,115,196

(1) Estimated.

Source: U.S. Central Intelligence Agency.

 

 

Gross Domestic Product, 2011-2015 (1)

(U.S. $ billions)

Year GDP
2011 $1,467.0
2012 1,554.0
2013 1,666.0
2014 1,786.0
2015 1,849.0

(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.

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Life And Nonlife Insurance Premiums, 2015

(U.S. $ millions)

  Direct premiums written
Nonlife premiums (1) $55,402
Life premiums 98,218
Total premiums $153,620
Percent of total world premiums 3.37%

(1) Includes accident and health insurance.

Source: Swiss Re, sigma, No. 3/2016.

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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.

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Leading Life Insurance Companies, 2015

 

  Gross written premiums
Company KRW Mn USD Mn
Samsung  27,457,124.8 24,273.5
Hanwha  14,959,951.0 13,225.4
Kyobo  12,609,281.8 11,147.2
Nonghyup  10,526,257.9 9,305.7
Mirae Asset  6,173,460.6 5,457.7
Heungkuk  5,633,452.6 4,980.3
Shinhan  5,011,356.8 4,430.3
ING  4,499,512.8 3,977.8
Tong Yang  4,230,171.1 3,739.7
MetLife  3,411,440.1 3,015.9

Source: Axco Insurance Information Services.

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