Kyeonghwa Kim, Chief Pricing Actuary, RGA
1. Introduction
Over the past few decades, South Korea has witnessed remarkable economic growth, emerging as the eighth-largest global life insurance market in terms of gross written premiums.
By 2025, Korea is expected to enter a super-aged society, meaning the elderly population aged 65 and above exceeds 20 percent of the total population. This rate of aging is unprecedented, not just in Asia but across the world [1].