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In 2023, ** Fire & Marine held the largest share of the South Korean non-life insurance market, accounting for about ** percent. ** Insurance and ** Marine & Fire followed with around ** and ** percent, respectively. These three insurers represented over half of the South Korean non-life insurance market that year. 

South Korea’s non-life insurance sector

The South Korean insurance industry is divided into two main sectors: life insurance and non-life insurance (general insurance). Non-life insurance includes coverage for health, illnesses, car accidents, and property damage. Over the past few decades, the South Korean non-life insurance industry has grown steadily, increasing more than sixfold compared to 20 years ago. Furthermore, the penetration rate of non-life insurance has risen over the past few years, reaching almost **** percent in 2024.

The rise of the third-sector insurance market

The declining birth rate and aging population are reducing the demand for whole life insurance, which only pays out upon death. On the other hand, the need for health insurance is growing. As life insurers face slowing premium growth, they are shifting their focus to third-sector products that cover critical illnesses, injuries, and personal care. Although non-life insurers have dominated the third-sector insurance market, competition from life insurers has intensified in recent years.