South Koreans paid more than 3.4 million won ($3,000) in insurance premiums per policy for the year that ended in March, a market researcher said Wednesday.

South Koreans’ insurance density stood at $3,034 in the financial year 2015-16, compared with $2,332 in 2010, referring to per capita premiums, according to Swiss Re, the world’s second-largest reinsurer based in Switzerland, in its sigma report.

It said South Korea’s premium per person is the 18th-highest in the world, ranking five places higher than in 2010. The report said Korea’s total premiums stood at $154 billion, the eighth-largest in the world. The figures represent a 4.8 percent increase from a year earlier.

The heavy reliance on insurance stems from uncertainties including economic recession and a lax welfare system, market analysts said.