This report suggests that to prepare for the change to an open market economy, Korean companies have to systematically analyze their limits and seek strategies for the internationalization of the insurance sector.

This paper is organized as follows. Section II reviews the structure and current status of the insurance industry in Korea. Section III analyzes the current trends and expected effects of opening the insurance market, which was liberalized in the late 1990s. Finally, based upon the empirical results, Section IV discusses the prospects of overseas expansion for the insurance industry and its strategy for internationalization.