PER CAPITA INSURANCE EXPENDITURE IN KOREA RISES 12.8%

The average per capita expenditure on insurance last year in South Korea was 1.8m won, up 12.8% on the previous year, according to figures from the Korea Insurance Development Institute. The institute said that “South Korean’s spending on insurance premiums rose sharply due to the expansion of variable and long-term non-life insurance markets”. It estimated that per capita expenditure would again rise at a double-digit rate this year, exceeding 2m won. The fastest growth last year was in the life sector, which increased 13.9% to 1.27m won per head. Non-life premiums rose 10.4% to 553,000 won.