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Per capita life insurance up at slowest pace in 2016
By Catherine ChungPublished : Aug. 6, 2017 - 11:14
The insured amount per policy holder in South Korea rose at the slowest clip last year due mainly to a drop in insurance sales, industry data showed Sunday.
A life insurance policy holder had some 47.6 million won ($42,200) in insured amount in 2016, up 0.2 percent from a year earlier, according to the data compiled by the Korea Life Insurance Association.
A life insurance policy holder had some 47.6 million won ($42,200) in insured amount in 2016, up 0.2 percent from a year earlier, according to the data compiled by the Korea Life Insurance Association.
The on-year gain tied the slowest pace of 0.2 percent set in 2011, compared with 5.8 percent growth in 2015.
Industry watchers said the slowdown came as local life insurers reduced sales of their policies upon the introduction of the tightened global accounting rule IFRS 17, scheduled to begin in 2021.
Under the rule, insurers' liabilities will be assessed on the basis of market value, instead of book value, at the time of a contract. (Yonhap)
