The children's insurance market is gaining momentum, buoyed by a rebound in the number of births.
According to the financial industry Tuesday, Hyundai Marine & Fire Insurance's "Good & Good Children's Insurance (fetal insurance)" recorded 170,954 enrollments last year, equivalent to 67.2 percent of the number of births (254,457). The product holds the No. 1 share in the children's insurance market.
Expectations are emerging in the market that if the number of births exceeds 300,000 this year, enrollments in Hyundai Marine's "Good & Good Children's Insurance" could also surpass 200,000. According to the National Data Agency, the number of births in Korea fell to around 230,000 in 2023 before rising above 250,000 last year. Forecasts suggest the figure may exceed 300,000 this year.
Hyundai Marine holds the titles for the longest-running and largest-selling children's insurance products. Since launching the industry's first such product in 2004, it has sold approximately 5.87 million policies through March this year. In October last year, it acquired exclusive usage rights for two additional coverages. "We will continue our efforts for the healthy lives of children," a Hyundai Marine official said.
