Kathmandu. South Korea’s car insurance business is set to pick up in 2025.
According to Global Data, South Korea’s automobile insurance business will grow by 2.4 percent this year. South Korea’s automobile insurance business has been on a downward spiral for the past three years.
South Korea’s car insurance business is expected to increase due to the increase in vehicle sales and insurance fees. Global Data predicts that the size of the vehicle insurance market will reach $18.6 billion by 2029 at a compound rate of 4.5 percent annually.
South Korea’s non-life insurance company has the largest business vehicle insurance. In 2024, the share of this insurance in the total business of non-life insurance was 58.3 percent.
