Bancassurance steals market share from agents

The earlier agreement to allow agents to sell both life and non-life insurance has been delayed by two years

The robust progress of South Korea’s non-life insurance market continued in fiscal 2005 (the year ending on 31 March 2006), with direct premium income reaching Won24,732.2bn, (US$24.71bn) an increase of 9.8%. This is somewhat higher than the previous year’s advance, which was 7.9%, reflecting the acceleration of the country’s GDP performance. Currently South Korea is the world’s 11th largest non-life market, although life business is significantly larger, with premium income of US$82.9bn, and a seventh world ranking.