According to the Korea Insurance Research Institute (KIRI), the insurance premiums of insurance companies are expected to fall 1.7 percent per year by 2022 compared to 2018. (image: KobizMedia/ Korea Bizwire)
SEOUL, Oct. 5 (Korea Bizwire) — Due to the increase in the aging population and decrease of a productive workforce, local insurance companies are expected to go through “degrowth.”
According to the Korea Insurance Research Institute (KIRI), the insurance premiums of insurance companies are expected to fall 1.7 percent per year by 2022 compared to 2018.
The original premiums for property insurance are expected to increase by 0.4 percent yearly, which would mean that the premiums will, in essence, be stagnant.
KIRI explained that according to an analysis of 25 years of data from major OECD member states, the decrease in a productive workforce, the decrease in interest rates, and the lowered capacity of the finance industry were all reasons that would affect insurance companies and their policies in the future.
In order to counter the forecast, KIRI encouraged insurance companies to expand their insurance policies in scope to include cyber insurance plans, insurance for self-driving cars, health care, and long-term nursing services.
H. S. Seo (hsseo@koreabizwire.com)
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