Life insurers are intensifying competition in the health insurance market against non-life players

Life insurers are increasingly moving into areas of health insurance activities that traditionally belong to the domain of non-life insurers.

These include products that cover medical costs related to cancer, diseases and other health threats in a rapidly aging society The Korea Times.

Three major market players – Samsung Life Insurance, Hanwha Life Insurance and Kyobo Life Insurance – introduced a total of seven products that cover the medical costs of insured customers in the first quarter of this year.

Life insurance companies’ new sales strategy is seen as an attempt to make a business breakthrough amid challenging sales conditions due to declining birth rates and an aging population. These circumstances mean a decline in the number of customers in the long-term insurance activities.