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In 2024, ** Life Insurance was the leading insurance company in South Korea, with gross written premiums amounting to about trillion South Korean won. * Life Insurance and Life Insurance followed with gross written premiums worth around ** and ** trillion won, respectively.

South Korea’s insurance industry

The finance and insurance industries are taking an increasingly large share of the South Korean economy, with the sector's real gross domestic product (GDP) nearly doubling over the past decade. While there were about ** life insurers and ** ²Ô´Ç²Ô-±ô¾±´Ú±ðÌýinsurers operating in South Korea, the country had a relatively high insurance penetration rate, ranking among the highest in the world. 

Digital transformation

The insurance industry, which is considered one of the most conservative sectors of the domestic financial industry, is currently undergoing a digital transformation, which is often referred to as insurtech. Insurtech refers to the use of Big Data, Artificial Intelligence (AI), the Internet of Things (IoT), and other technologies with the aim of providing customers with more efficient and innovative insurance services. Although South Korea’s digital transformation of insurance is still in its infancy by international standards, insurance providers such as AIA, Heungkuk, DB, Samsung, and various other insurance companies have already begun applying these technologies to their products.