South Korea on reform path


South Korea's non-life business - now the world's tenth largest market - was worth W20 180bn ($17.9 bn) in direct premiums in fiscal* 2002 (fiscal year, ending 31 March of the following year). This is a rise of 9.6% - two percentage points, slower than in the previous year. Weaker economic growth, reductions in motor insurance rates as well as more competitive market conditions explain the slow down, according to the Korea Non-life Insurance Association (KNIA).The leading line is long-term (