Premium and profit upswing boosts South Korea insurance sector

The world’s 11th largest insurance market is seeing positive growth from its non-life business

The past fiscal year in the Republic of Korea’s non-life insurance business shows significant improvement over the previous year in two major aspects: direct premium growth picked up from 3.4% previously to 7.9% in the latest year (12 months ending 31 March 2005) and the after-tax income of the business jumped by 102.3%. With a premium income of Won22,527bn (US$22.17bn), South Korea is the 11th largest insurance market.