life Insurers Shift Focus to Cancer & Health Coverage, targeting Men, Recurring Cases & Seniors
Seoul, south Korea – October 3, 2025 – Life insurance companies in South Korea are intensifying competition by prioritizing cancer and health insurance products over customary life insurance, according to a report by Yonhap News. This shift reflects growing demand for healthcare and treatment coverage as people prioritize living well over death benefits.
As of the end of july, new life insurance contracts totaled 79,678, a 12.6% increase year-over-year. this surge is driven, in part, by the implementation of IFRS17, which incentivizes insurers to focus on products with high insurance contract margins (CSM).
Recent product launches demonstrate this trend. Hanwha Life secured exclusive nine-month rights to three special riders covering cancer screening fees, multidisciplinary integrated medical treatment, and intensive nutritional support. They also introduced “Need AI Cancer Insurance,” leveraging artificial intelligence to provide cancer-related information, and a special agreement supporting prostate cancer PSMA-PET inspection costs.
Kyobo Life launched “Kyobo Integrated Cancer Insurance” in the first half of the year, offering thorough coverage including secondary cancer, robotic surgery, complications, and follow-up treatment. Heungkuk Life is attracting customers with a benefit that provides monthly living expenses upon diagnosis of recurrent or metastatic cancer. Nonghyup Life Insurance’s “Treatment Bian Deep Sea 2NH Health Insurance” guarantees cancer treatment coverage up to age 100, offering annual treatment benefits after an initial diagnosis.
The industry is moving beyond simple diagnosis coverage, incorporating a wider range of riders for treatment and recovery. Health insurance is also becoming more specialized. Samsung Life’s “Signal health insurance” covers a broad spectrum of illnesses – severe,chronic,and mild. Kyobo Life’s “Kyobo double Up Women’s Health Insurance” focuses on conditions specific to women, including pregnancy, infertility, gynecological diseases, menopause, and age-related illnesses, with a 20% benefit increase for female-specific cancers. AIA Life offers “AIA more relieved second-side health insurance (renewal)” as a simplified health coverage option.
“The demand for health care and treatment is increasing while guaranteeing death,” an industry official stated.
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