South Korean insurers need to focus on foreigners as their potential customers as their numbers surge, and as Koreans age and fertility is low, a senior researcher at the Korea Insurance Research Institute has said.
“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 a recent report, according to Business Korea.
Mr Lee added, “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 surged by around 95,000 last year alone to 1.68m.