Market braces for new challenges

Mis-selling incidents have tarnished the industry’s reputation

The 2007 report of the General Insurance Association of Korea (GIAK) paints a prosperous picture of the market, reflecting the steady growth of the economy – the year saw a 5.1% rise in GDP – as well as the important changes in the insurance market during the period. However its report gives no hint of the emerging problems that the market is expected to experience.