SEOUL, May 10 (Korea Bizwire) — The number of foreign residents who took out life insurance policies here topped 200,000 in 2015, with their subscriptions rising at an annual rate of 16 percent over the past five years, industry data showed Sunday.
According to the data compiled by the Korea Insurance Development Institute, a total of 212,000 foreigners took out life insurance in 2015, compared with 186,000 in 2014, 164,000 in 2013 and 142,000 in 2012.
The pace is much higher than the annual growth rate of 3.9 percent for registered foreigners here. A foreigner is required to register with related authorities if he or she stays over 90 days.
The data showed some 22 percent of female foreigners bought life insurance, with the corresponding figure for male foreigners being 16 percent.
Male foreigners took out group insurance policies as their stays were centered on work, the data showed.