Sunday, August 25, 2019
Foreigners Emerging as Potential Customers of South Korean Insurers:
Korea's Foreign Population Growing Rapidly
Foreigners Emerging as Potential Customers of South Korean Insurers:
  • By Yoon Young-sil
  • May 20, 2019, 10:12
Share articles

A researcher at the Korea Insurance Research Institute said in his recent report that South Korean insurers need to focus on foreigners as their potential customers.

South Korean insurers need to focus on foreigners as their potential customers, with low fertility and rapid population aging ongoing and the number of foreigners staying in South Korea showing a rapid increase, a senior researcher at the Korea Insurance Research Institute said in his recent report. 

“The number of long-term foreign residents in South Korea is already large and increasing and this means South Korean insurance companies need to pay more attention to them as their potential customers,” Lee Tae-yeol said in the report, adding, “A natural increase in population is now unlikely with the fertility rate falling and the net inflow of foreigners has become the most important factor of population increase of South Korea with the inflow exceeding the number of South Koreans leaving their home country.”

The number of long-term foreign residents in South Korea totaled 1.68 million last year. The number increased by approximately 95,000 in one year.