Kindergartners without masks play on the campus of Chonnam National University in Gwangju, 330 kilometers south of Seoul, on May 3, 2022, two days ahead of Children’s Day. (Yonhap)
SEOUL, Aug. 4 (Korea Bizwire) — Insurance companies in South Korea are increasingly competing over children’s insurance plans.
About 60 percent of the children’s insurance market, currently sized at 4 trillion won (US$3.05 billion), is dominated by non-life insurer Hyundai Marine & Fire Insurance Co., industry sources said.
As of May, the company has sold approximately 4.6 million insurance plans in accumulated numbers.
Hyundai Marine & Fire explains that the company’s early marketing investment in postnatal care centers and online communities for mothers has resulted in the company taking the lead in the market.
It is followed by DB Insurance Co., Meritz Fire & Marine Insurance Co., KB Insurance Co. and Samsung Fire & Marine Insurance Co. with slight differences in market share.
KB Insurance has recently been speeding up its efforts to gain a presence in the market. The company has recruited Dr. Oh Eun-young, a celebrated psychiatrist, as a model for the company commercial.
Insurance companies have resorted to TV commercials in the past to promote brand image, but it is rather unusual for them to advertise specific insurance plans on TV.
KB Insurance sold 53,000 children’s insurance policies between February and May, thanks to a series of advertisements and marketing efforts. Monthly sales on average are up 70 percent since last year.
Ashley Song (ashley@koreabizwire.com)
