(Image: Korea Bizwire)
SEOUL, Aug. 9 (Korea Bizwire) — The monthly income of life and non-life insurance planners has declined due to the worsening of the sales environment and the deterioration of channel competitiveness caused by the COVID-19 pandemic, a research institute said.
According to the latest report published by the Korea Insurance Research Institute, the average monthly income of life and non-life insurance planners declined by 2 percent and 7.6 percent, respectively, per year during the period from 2019 to 2021.
The monthly income of life and non-life insurance planners averaged 3.23 million won (US$2,477) and 2.56 million won, respectively, last year.
The report pointed out that the average per-capita income of insurance planners consists of the number of insurance planners, the volume of sales, and the value of insurance solicitation commissions, adding that the per-capita sales of life and non-life insurance planners both showed a declining trend.
The report also noted that the sales of insurance planners declined due to the worsening of the sales environment and the deterioration of channel competitiveness caused by the pandemic.
It also stressed that workforce aging is underway for both life and non-life insurance planners.
When it comes to non-life insurance, the excessive hiring of insurance solicitation agents without being accompanied by corresponding sales growth led to a decline in per-capita income.
Ashley Song (ashley@koreabizwire.com)
