Insurance indicators — Penetration in Korea
Korea: Insurance indicators — Penetration was 9.89 Percentage of GDP in 2023. ▬ Flat
Insurance indicators — Penetration in Korea, 1994–2023
Source: Organisation for Economic Co-operation and Development. Measured in Percentage of GDP.
Analysis
Korea recorded 9.89 Percentage of GDP for insurance indicators — penetration in 2023.
That represents a change of down 9.0% on the previous year and down 11.5% over ten years.
Over the whole period, insurance indicators — penetration in Korea peaked at 13.78 Percentage of GDP in 1998 and was at its lowest, 8.1 Percentage of GDP, in 2004.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 11.58 Percentage of GDP | 10.22 Percentage of GDP | 13.78 Percentage of GDP | 6 |
| 2000s | 9.05 Percentage of GDP | 8.1 Percentage of GDP | 10.75 Percentage of GDP | 10 |
| 2010s | 10.7 Percentage of GDP | 9.51 Percentage of GDP | 11.61 Percentage of GDP | 10 |
| 2020s | 10.44 Percentage of GDP | 9.89 Percentage of GDP | 10.88 Percentage of GDP | 4 |
Countries ranked near Korea
- 1 Luxembourg 32.99 Percentage of GDP compare
- 2 Hong Kong Special Administrative Region, People's Republic of China 18.53 Percentage of GDP compare
- 3 United States 12.68 Percentage of GDP compare
- 4 South Africa 12.66 Percentage of GDP compare
More reference data data for Korea
- Africa's Development Dynamics (AfDD) Table 08 - Sectoral breakdown of 45.01 Percentage of GDP (2022)
- Africa's Development Dynamics (AfDD) Table 08 - Sectoral breakdown of 29.04 Percentage of GDP (2022)
- Africa's Development Dynamics (AfDD) Table 08 - Sectoral breakdown of 5.67 Percentage of GDP (2022)
- Africa's Development Dynamics (AfDD) Table 08 - Sectoral breakdown of 8.81 Percentage of GDP (2022)
- Africa's Development Dynamics (AfDD) Table 08 - Sectoral breakdown of 28.04 Percentage of GDP (2022)
- Africa's Development Dynamics (AfDD) Table 08 - Sectoral breakdown of 0.0005 Percentage of GDP (2021)
- Africa's Development Dynamics (AfDD) Table 08 - Sectoral breakdown of 0.0011 Percentage of GDP (2021)
- Africa's Development Dynamics (AfDD) Table 08 - Sectoral breakdown of 0.0498 Percentage of GDP (2021)
- Africa's Development Dynamics (AfDD) Table 08 - Sectoral breakdown of 0.0052 Percentage of GDP (2021)
- Africa's Development Dynamics (AfDD) Table 08 - Sectoral breakdown of 0.0283 Percentage of GDP (2021)
Frequently asked questions
- What is insurance indicators — penetration in Korea?
- Insurance indicators — penetration in Korea was 9.89 Percentage of GDP in 2023, according to Organisation for Economic Co-operation and Development.
- What is the highest insurance indicators — penetration recorded in Korea?
- The highest recorded value was 13.78 Percentage of GDP in 1998.
- What is the lowest insurance indicators — penetration recorded in Korea?
- The lowest recorded value was 8.1 Percentage of GDP in 2004.
- How does Korea rank for insurance indicators — penetration?
- Korea ranks 1st out of 9 groups with data for 2023.
- Is insurance indicators — penetration rising or falling in Korea?
- Over the last ten years it is down 11.5%. The long-run trend across the full record is flat.
- Where does this Korea data come from?
- The figures come from Organisation for Economic Co-operation and Development, published as part of Insurance indicators — Penetration. Statizoid updates them automatically from the source API.
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About this data
This dataset includes key indicators on the insurance industry, such as insurance penetration (gross written premiums as a percentage of GDP), insurance density (gross written premiums in USD per capita), the share of life and non-life insurance in the total insurance business (life and non-life gross written premiums as a percentage of gross premiums), the retention ratio (net written premiums as a percentage of gross premiums) and the reinsurance share (reinsurance accepted as a percentage of gross premiums). This dataset also shows the domestic market share of foreign-controlled undertakings and branches/agencies in each reporting jurisdiction, and the geographical distribution of premiums written within the OECD.