The competitive landscape of South Korea’s insurance sector continues to be dominated by massive companies that are members of the local chaebol corporate groups. Overall, the sector appears mature by many standards. Nevertheless, the ongoing growth in health insurance and long-term insurance is underpinning the development of the non-life segment. In the life segment, particular companies are exploiting the growing demand for annuities. As of mid-2013, BMI remains of the view that the market is an attractive opportunity for large multinational companies in both segments.
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