Business · Companies · 3 hrs ago
South Korea’s insurance industry growth forecast to slow to 3.5% in 2027
South Korea’s insurance industry is forecast to grow 3.5% in 2027, less than half the 8% growth expected this year.
The forecast comes from the Korea Insurance Research Institute, which says the industry’s growth has been falling since 2025.
Total premiums are expected to reach 299 trillion won, with life insurance premiums forecast to rise 2.3% and non-life insurance premiums 4.5%.
The institute expects 89% of premium increases to come from protection and long-term non-life insurance.
New rules due to take effect next year could limit insurers’ room to grow in the short term.
The institute says insurers should strengthen existing coverage while shifting resources towards retirement income, health and care, and business risks.
South Korea’s insurance industry is forecast to grow by 3.5% in 2027, less than half the expected 8.0% growth in 2026.
The Insurance Research Institute said the industry’s growth rate has been declining since 2025, when it was 11.0%.
Total insurance premiums are forecast to reach 299 trillion won in 2027.
The institute expects 89% of the increase in premiums to come from life protection insurance and long-term non-life insurance.
It said regulatory changes due to take effect in 2027 could limit growth in the short term.
- Who
- The Insurance Research Institute made the forecast.
- What
- South Korea’s insurance industry is projected to grow by 3.5% in 2027.
- When
- The forecast was presented on October 22, 2026, for 2027.
- Where
- At a seminar in Seoul.
- Why
- The institute cited a continued decline in growth and said regulatory changes could limit growth in the short term.
This story does not have two clearly opposing sides.
The insurance industry’s growth rate was 11.0%.
The industry’s growth rate is estimated at 8.0%.
The Insurance Research Institute presented its forecast for the 2027 insurance industry at a seminar.
The industry is forecast to grow by 3.5%.
- 2027 growth forecast
- 3.5%
- 2026 expected growth
- 8.0%
- 2025 growth
- 11.0%
- Total premiums in 2027
- 299 trillion won
- Share of premium increase from life protection and long-term non-life insurance
- 89%
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What people are saying
Insurance companies should pursue the integration of coverage and services, asset, liability and liquidity management by policy group, and the redesign of insurance claim and payment operations.
We need to build risk management capabilities, close coverage gaps and achieve growth that consumers can feel.