Source link : https://news7.asia/business/south-koreas-motor-insurance-market-set-for-2-4-growth-by-2025-as-claims-surge/
South Korea’s Motor Insurance Sector Set for Moderate Expansion in 2025 Amid Rising Claims
The motor insurance landscape in South Korea is on track to witness a modest growth of 2.4% by the year 2025, despite ongoing challenges stemming from an increase in claims. A recent analysis by Asia Business Outlook highlights that this expected growth occurs during a period marked by rising vehicle ownership and a notable uptick in accident occurrences. Insurers are confronted with the dual task of managing soaring claim expenses while also adapting to regulatory demands and shifting consumer expectations. As the industry seeks effective strategies to address these challenges, there is significant interest in how technological innovations and new policy frameworks can sustain profitability and improve service delivery. This article explores the driving forces behind growth within this sector and their implications for both insurers and consumers.
South Korea’s Motor Insurance Sector Primed for Growth Amidst Rising Claims
The motor insurance market in South Korea is undergoing significant transformations as it anticipates a projected growth rate of 2.4% by 2025, even as it grapples with escalating claims challenges. The increasing incidence of accidents, coupled with rising healthcare costs associated with them, is altering the risk landscape for insurers substantially. This surge in claims can be attributed largely to urban congestion alongside higher rates of vehicle…
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Author : Miles Cooper
Publish date : 2025-06-10 02:15:00
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