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Bancassurance Premium Revenue Plummets Recently, bancassurance premium revenues have significantly decreased in the insurance industry. The introduction of the new accounting standard IFRS17, which focuses on health insurance and other protection-oriented products, is a major factor behind this shift. This change has greatly impacted the sales channels and revenue structures of insurance companies. In this article, we will explore the reasons behind the decline in bancassurance premium revenues and the responses of insurance companies to this trend. The proportion of bancassurance among insurance companies' major sales channels has been significantly declining. Major life insurers such as Samsung Life, Hanwha Life, Kyobo Life, Shinhan Life, Tongyang Life, and Mirae Asset Life saw their bancassurance premium revenues for the first quarter of this year drop by 27.5% compared to the same period last year, amounting to 3.645 trillion won. For non-life insurers, the decline was even mo...