South Korean insurance spend revealed

The country has the 19th highest insurance premium paid per person for 2016, up from 24th in 2010

Insurance News

By Gabriel Olano

The average person in South Korea paid over US$3,000 in combined insurance premiums for the year ended in March, according to research by Swiss Re.
For the financial year 2015-2016, South Koreans spent an average of US$3,034, compared to US$2,332 in 2010. The country has the 19th highest insurance premium paid per capita in the world, up five places from 2010.
The Cayman Islands, a British territory in the Caribbean, took the top place in the survey, with each person paying an average of US$12,619 in premiums. Next is Switzerland with US$7,370 and Hong Kong in third with US$6,271.
Insurance penetration in South Korea, which compares premiums as a percentage of GDP, is at 11.4%, which is higher than the average of 8.1% in developed economies.
Total premiums in South Korea reach US$154bn, up by 4.8% from last year. This makes it eighth largest in the world. The largest insurance market is the United States with US$1.31tn, followed by Japan with US$450bn.

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