Saturday, September 23, 2017

Offline life firms dominate Korea’s online market

Offline life insurers turned out to be the key players in the online life market in Korea, according to data released Tuesday.

Based on statistics released by the Korea Life Insurance Association, offline life insurance companies are taking the lead in the online sphere because they are actively taking on marketing activities for savings-type policies, something being shunned by other players due to low commissions.

The largest online life insurer is Kyobo Lifeplanet Life, an internet unit of Kyobo Life, with initial premium payments of W1.28 billion (US$1.1 million) in Q1 of 2017 or an increase of 45% from a year earlier.

After Kyobo, Hanwha Life comes second with W789 million in life insurance premiums generated from online activity.

Rounding out the top three is Samsung Life with W742 million.

KDB Life placed fifth during the January-March period.

Since its launch in 2015, KDB Life has been dominating the market, taking a 71.3% share of the pie, but its market share fell to 11.2% during the first quarter this year.

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