Long-Term
The long-term insurance market in Korea maintained its growth momentum in 2024, with direct premiums rising by around 5.3% year on year as of November 2024. This continued growth was mainly backed by the rapid growth of personal accident and health insurance premiums.
Following the implementation of IFRS 17, the long-term insurance market has seen heightened sales competition, as insurers strive to increase their Contractual Service Margin (CSM). Major insurers have adopted proactive sales strategies, leveraging general agency (GA) channels. This trend is likely to continue, serving as a key growth driver for the market.
In 2024, Korean Re achieved a growth in long-term insurance premiums to KRW 1,590 billion. We also delivered better underwriting results as we continued to focus on writing more profitable risks by working closely with direct insurers to develop new products. This effort allowed us to reduce our combined ratio before management expenses by 0.3%p to 97.9%.
In 2025, the long-term insurance market is expected to grow at a steady rate of 5.2%. This outlook is driven by the continued rise in medical expense insurance premium rates and insurers’ coordinated marketing initiatives to promote newly developed products, particularly those offering premium discounts for preferred policyholders.
In response to these market trends, we will continue to support our clients in terms of product development based on an extensive analysis of their product portfolios. We will also provide underwriting services and the necessary reinsurance programs, as well as risk transfer solutions, in a way that contributes to the sustainable growth of insurers offering long-term insurance coverage.
As insurers have transitioned to IFRS 17, we will make sure that our efforts are directed toward responding to their needs, such as providing risk management services and solvency capital relief, by being more attentive to their individual business profiles and conditions. Through these efforts, we will seek to strengthen our cooperation with direct insurers to develop new products so that we can build a more profitable business portfolio.
█ Gross Written Premiums: Long-Term
(Units: KRW billion, USD million)
| 2024 (KRW) | 2024 (USD) | 2023 (KRW) | 2023 (USD) | |
| Long-Term | 1,590.0 | 1,161.9 | 1,459.2 | 1,105.9 |
The long-term insurance market in Korea maintained its growth momentum in 2024, with direct premiums rising by around 5.3% year on year as of November 2024. This continued growth was mainly backed by the rapid growth of personal accident and health insurance premiums.
Following the implementation of IFRS 17, the long-term insurance market has seen heightened sales competition, as insurers strive to increase their Contractual Service Margin (CSM). Major insurers have adopted proactive sales strategies, leveraging general agency (GA) channels. This trend is likely to continue, serving as a key growth driver for the market.
In 2024, Korean Re achieved a growth in long-term insurance premiums to KRW 1,590 billion. We also delivered better underwriting results as we continued to focus on writing more profitable risks by working closely with direct insurers to develop new products. This effort allowed us to reduce our combined ratio before management expenses by 0.3%p to 97.9%.
In 2025, the long-term insurance market is expected to grow at a steady rate of 5.2%. This outlook is driven by the continued rise in medical expense insurance premium rates and insurers’ coordinated marketing initiatives to promote newly developed products, particularly those offering premium discounts for preferred policyholders.
In response to these market trends, we will continue to support our clients in terms of product development based on an extensive analysis of their product portfolios. We will also provide underwriting services and the necessary reinsurance programs, as well as risk transfer solutions, in a way that contributes to the sustainable growth of insurers offering long-term insurance coverage.
As insurers have transitioned to IFRS 17, we will make sure that our efforts are directed toward responding to their needs, such as providing risk management services and solvency capital relief, by being more attentive to their individual business profiles and conditions. Through these efforts, we will seek to strengthen our cooperation with direct insurers to develop new products so that we can build a more profitable business portfolio.
█ Gross Written Premiums: Long-Term
(Units: KRW billion, USD million)
2024 (KRW) |
2024 (USD) |
2023 (KRW) |
2023 (USD) |
|
Long-Term |
1,590.0 |
1,161.9 |
1,459.2 |
1,105.9 |