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Life insurance premiums soaring in Korea

Mon, 13 Aug 2007

According to new data from the Korea Life Insurance Association (KLIA), the number of insurance policies in the country is soaring, with both premiums and payouts also on the rise. Koreans have approximately 1.7 insurance policies on average.

In Korea, there are 79.8 million insurance policies, and insurance premiums paid by subscribers total 66.5 trillion won per annum. A spokesperson for the KLIA reportedly commented: "Thanks to the income increase following economic development and the understanding of life insurance products, more people seem to regard life insurance products as a necessity that helps them get prepared for risks."

The market is apparently growing when in various segments, including non-savings-linked insurance. Korea is the seventh largest life insurance market in the world in terms of premiums.
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