Insurers oppose bancassurance extension

Motor insurance will be the latest addition to bank’s insurance portfolio from April

Expansion of the Korean economy in 2006 produced an acceleration in the rate of growth of non-life business, pushing up the premium growth from 10.8% in 2005 to 15.4% in 2006. Premium income during fiscal 2006 (year ending 31 March 2007) was KRW26,542.0bn (US$28.8bn) with the largest line, long-term saving type personal lines business, growing fastest at 21.5%. This business now accounts for 47.7% of the non-life account.