IMARC Group has recently released a new research study titled “South Korea Insurance Market Size, Share, Trends and Forecast by Type and Region, 2025-2034”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
South Korea Insurance Market Overview
The South Korea insurance market size reached USD 147.72 Billion in 2024 and is projected to grow to USD 280.85 Billion by 2033, registering a CAGR of 7.40% during 2025-2033. Growth is driven by factors including the aging population, rising healthcare costs, increasing demand for life, health and pension insurance products, proactive government initiatives promoting financial protection, and ongoing technological advancements.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
South Korea Insurance Market Key Takeaways
- Current Market Size (2024): USD 147.72 Billion
- CAGR (2025-2033): 7.40%
- Forecast Period: 2025-2033
- The South Korea insurance market growth is fueled by an increase in aging population and rising healthcare costs.
- The market is witnessing digital transformation and growth in insurtech, including AI, big data, and blockchain integration.
- Hybrid insurance products combining life, health, and retirement benefits are gaining popularity.
- Government initiatives, such as the Digital New Deal Action Plan 2022, support AI and innovative insurance technologies.
- The insurance industry is shifting toward data-driven underwriting strategies involving lifestyle, medical history, and genetics.
- The expanding elderly demographic, comprising 20% of the population, drives demand for specialized and flexible insurance products.
Sample Request Link: https://www.imarcgroup.com/south-korea-insurance-market/requestsample
