South Korea's motor insurance market poised for growth

GlobalData is forecasting an average annual growth rate of 4.5% for the South Korean motor insurance market over the next five years. Turnover is expected to reach 25 000 billion KRW (18.6 billion USD) in 2029, compared with 20 900 billion KRW (15.6 billion USD) in 2025.

This growth would be supported by a rebound in motor third-party liability insurance, which has been on the decline for three consecutive years. Rising vehicle sales and increases in motor insurance premiums, particularly for electric cars, have also contributed to the market’s expansion.

The motor business dominates the South Korean non-life insurance sector, with a market share of 58.3% in 2024.