3 top life insurers gobble 80% of market

With over 80% of the market share held by the three life insurance companies Samsung Life, Korea Life Insurance and Kyobo Life Insurance, the market concentration is worsening since the financial crisis.

An analysis by the Insurance Supervisory Board of the nation¡¯s 26 insurance companies for the period from April to June of this year revealed that the three major insurance companies had recorded a net income of 9 trillion won, with Samsung Life accounting for 5 trillion won. Korea Life`s net income stood at 2 trillion won, and Kyobo Life recorded an income of 2 trillion won.

The total net income of all the companies for the first period recorded 11 trillion won, making the three companies accounting for 80%.

In 1996, the three companies had a combined market share of 63.99%, rising to 67.2% in 1997. The market share of the three continued to grow, recording 72.2% in 1998 and 75.0% in 1999.