The number of exclusive licences given out in Korea for insurance products in 2017 doubled from the previous year, reaching a new record, government data show.
The increase in insurance product patents is credited to the implementation of International Financial Reporting Standard 17 and the government’s modification of the rules governing the insurance industry two years ago.
Specialists say these developments gave rise to the need for new and diverse products, and have promoted a business environment that allows companies greater freedom to create new types of insurance plans for the market.
The Korea Life Insurance Association and General Insurance Association of Korea said 33 exclusive licences were issued last year, which surpassed the record of 15 licences granted in 2016. Before that, fewer than 10 exclusive licences per year were recorded in South Korea.