South Korean life insurance market: forecasts for 2025-2030

GlobalData forecasts that the South Korean life insurance market will see average annual revenue growth of 4.5%. Premium volume is expected to rise from 188.2 trillion KRW (140.2 billion USD) in 2025 to 234.3 trillion KRW (174.4 billion USD) by 2030.

This growth would be primarily driven by increasing demand for health, retirement, and protection insurance products.

Additional factors supporting the market’s expansion include demographic shifts, regulatory reforms, rising household incomes, and the growing adoption of artificial intelligence.