TOUGH TIMES AHEAD AS SOUTH KOREA NAMED 7TH LARGEST INSURANCE MARKET

Growth in both life and non-life lines cemented South Korea’s position as the world’s seventh largest insurance market, its regulator has said. Total premiums written by the country’s insurers last year were up 11.1% at US$117bn. Insurance premiums per person totalled US$2,384, South Korea’s Financial Supervisory Service (FSS) said. Life insurance accounted for the lion’s share of the total, representing US$81.3bn up 10.5% on the previous year, while non-life accounted for US$35.7bn up 12.4%. However the FSS is predicting tougher times ahead against a background of “volatile financial markets” and a slowdown in the US economy. Meanwhile rising inflation is expected to dent the loss ratios of the country’s non-life insurers.