S. Korea’s top 5 insurers generate 32.1% of production value

Industry turnover reached $48.3b in 2023.

In 2023, household spending accounted for 59.2% of total market demand in South Korea, highlighting the significant role of consumers in driving the market. Samsung Life Insurance emerged as the largest company in the country, contributing 10.2% of the insurance and pension funding industry's total turnover. 

Despite this, the industry remains fragmented, with the top five companies generating 32.1% of the total production value, Euromonitor International reported.

The number of companies in the industry increased to 59,056 in 2023. However, industry costs rose by 4%, primarily due to higher B2B expenses.

This cost increase contributed to a decline in profitability, which stood at 24.6% of turnover, ranking as the ninth highest in the region.

South Korea's industry turnover reached $48.3b in 2023, accounting for 9.0% of the total in the Asia Pacific region.