Kyobo Life Insurance, a dominant player in the insurance industry, announced on February 5 that as of the end of 2024, the number of registered exclusive financial planners (FPs) had reached 15,141, marking a 10.3% increase (1,425 more) from the previous year. This figure is the highest since 2018. (Image courtesy of Kyobo Life Insurance)
SEOUL, Feb. 7 (Korea Bizwire) — The number of exclusive insurance agents in South Korea has increased despite the growing influence of independent insurance agencies (GAs) in the market, according to industry data released on February 6.
Unlike GA agents who sell products from multiple insurers, exclusive agents are directly employed by insurance companies and sell only their employer’s products.
According to industry sources, the total number of exclusive insurance agents in South Korea reached 183,367 in the third quarter of last year. Property and casualty insurance companies account for approximately 65% of this total with 118,916 agents, marking a 17% increase from the end of 2022 (101,708) and an 11.9% rise from the end of 2023 (106,271).
Life insurance companies have also seen growth in their exclusive agent numbers. The sector reported 65,171 exclusive agents in the third quarter of last year, up 11% from the end of 2023 (58,693) and 6.7% from the end of 2022 (61,067).
Major insurers showed particularly strong growth in exclusive agent recruitment. Samsung Fire & Marine Insurance saw its agent numbers surge from 18,002 at the end of 2023 to 20,400 in the third quarter of last year. Meritz Fire & Marine Insurance similarly expanded its force from 24,765 to 28,941 during the same period.
Samsung Life Insurance increased its exclusive agents from 30,347 to 34,441. Hanwha Life Insurance, which separates product manufacturing and sales, saw its combined force of exclusive agents and subsidiary GA agents grow from 27,172 to 30,127.
Kyobo Life Insurance, a dominant player in the insurance industry, announced on February 5 that as of the end of 2024, the number of registered exclusive financial planners (FPs) had reached 15,141, marking a 10.3% increase (1,425 more) from the previous year.
Industry analysts attribute this growth to insurance companies’ efforts to counter the expanding influence of GAs. Additionally, the role has become particularly attractive to women returning to the workforce after career breaks, offering them the stability of company affiliation while earning performance-based compensation.
According to the Ministry of Employment and Labor, the number of women with career breaks exceeded 1.34 million in 2023.
“As the insurance market grows, companies are focusing on recruitment,” an industry insider explained. “Major insurers’ brand stability particularly attracts homemakers seeking stable new careers as exclusive agents.”
Lina Jang (linajang@koreabizwire.com)
