Korean Life Insurance Industry – A Comparative Historical Perspective

The development of the Korean life insurance industry during the latter part of the twentieth century is one of the exceptional phenomena. Between 1970 and 2000, the annual growth rate of premium volume was 46.2 percent while the annual growth rate of insurance asset was 34.4 percent. This study argues that this rapid expansion of the Korean life insurance industry was possible due to three major factors: the Korean government’s interest rate policy in favor of life insurance industry, the unique life insurance sales method based on personal relationship and the growth-oriented business strategy on the part of the Korean life insurers.

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