Insurance and Pension Funding in South Korea: ISIC 66

Country Report

About This Report

Jun 2017

Insurance and pension funding industry turnover grows by almost 4% in 2016, fuelled by strong demand from households, which rush to purchase new motor vehicles before the special consumption tax relief is eliminated

Life insurance sees 2% growth in revenue due to record-low interest rates and limited safe investment opportunities

The insurance and pension funding industry’s profitability grows only by 2% in 2016, due to a fierce increase in B2B costs, as companies invest in the development of online services and new sales channels

Industry expected to see CAGR of almost 5% over 2016-2021, led by non-life insurance segment

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Insurance and Pension Funding in South Korea: ISIC 66

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Competitive Landscape


Industry Overview

Chart 1 Production vs Nominal GDP 2001–2021
Chart 2 Producer Volume Index vs Producer Price Index 2001–2016
Table 1 Key Industry Indicators 2011–2016
Table 2 Key Industry Indicators: Annual Growth 2012–2016

Industry Sectors

Chart 3 Industry Sectors’ Growth Indices 2001–2021
Table 3 Production by Sector: Value 2011–2016
Table 4 Production by Sector: Annual Growth 2012–2016
Table 5 Production by Sector: Share of Total 2011–2016


Table 6 Number of Companies by Employment Size 2011–2016
Table 7 Number of Companies by Employment Size: Annual Growth 2012–2016
Table 8 Number of Companies by Employment Size: Share of Total 2011–2016
Table 9 Production by Employment Size 2011–2016
Table 10 Production by Employment Size: Annual Growth 2012–2016
Table 11 Production by Employment Size: Share of Total 2011–2016
Table 12 Industry Leaders: Company Production Shares in 2016

Import and Export

Chart 4 Import vs Export Growth 2001-2016
Table 13 Import and Export 2011–2016

Market and Buyers

Table 14 Key Market Indicators 2011–2016
Table 15 Key Market Indicators: Annual Growth 2012–2016


Chart 5 Household Expenditure on Insurance and Pension Funding vs GDP 2001–2021
Chart 6 Household Expenditure on Insurance and Pension Funding vs Population 2001–2021
Table 16 Households: Key Statistics 2011–2016


Table 17 Supply Structure 2011–2016
Table 18 Supply Structure: Annual Growth 2012–2016
Table 19 Supply Structure:Share of Total 2011–2016

Labour Costs

Chart 7 Number of Employees vs Average Salary 2001–2016
Chart 8 Output per Employee vs Average Salary 2001–2016
Table 20 Key Statistics 2011–2016

Industry Attractiveness Index

Chart 9 Attractiveness Index of Insurance and Pension Funding Among Other South Korea Industries
Chart 10 Binary Diagram of Attractiveness Index
Table 21 Attractiveness Index Composition

Attractiveness Index: Explanation

Future Outlook

Table 22 Forecasts 2017–2022


Insurance and Pension Funding
Life Insurance
Non-life Insurance
Pension Funding