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U.K.-based data analytics firm GlobalData PLC predicts that South Korea’s reinsurance market will be worth 13.4 trillion South Korean ($11.9 billion) in 2026, in terms of gross written premiums, up from KRW9.6 trillion in 2021, Reinsurance News reported. This projected annualized growth rate of 7% is expected to be driven by favorable regulatory developments, increased adoption of coinsurance and increased demand for reinsurance protection amid growing climate change risks.