FSS Reports 2024 Insurance Sales Trends and Sets New Supervision Priorities

On 22/04/2025, the Financial Supervisory Service (FSS) issued an update regarding FSS Reports 2024 Insurance Sales Trends and Sets New Supervision Priorities. As of December 2024, there were approximately 651,256 insurance designers in Korea, marking a 7.8% increase from the previous year. The sales channel efficiency of insurance companies has improved, with a 1-year contract maintenance rate of 87.5%, a 2-year rate of 69.2%, and a 3-year rate of 50%. The non-full sales ratio (0.025%) has been steadily improving, but remains lower than the international average. The one-person monthly average income of insurance designers was approximately KRW 338 million as of December 2024, while the one-person monthly average income from insurance premiums was around KRW 2,140 million. The FSS emphasizes the need to strengthen guidance for insurance companies with low maintenance rates and monitor the sales competition in the bank channel. To achieve this, the agency plans to revise the premium payment system and introduce a new maintenance fee structure to incentivize long-term contract maintenance. The FSS also highlights the importance of managing the sales activities of insurance designers, particularly those who are newly registered, to prevent excessive commission payments. A strengthened monitoring system for bank channels is also necessary due to increased competition in this sector following the relaxation of premium payment ratio regulations.