Growing Popularity of Golf Insurance Amid Increasing MZ Generation Golfers

[Asia Economy Reporter Changhwan Lee] Since the COVID-19 pandemic, the number of people enjoying golf has surged, leading to significant growth in the related insurance market.

With the increase in golf players mainly among the MZ generation (Millennials + Generation Z), golf insurance that is easy and convenient to subscribe to is being launched one after another.

According to the Korea Golf Course Management Association on the 26th, the total number of visitors to golf courses nationwide last year was 50.56 million, an 8.2% increase from 46.73 million the previous year. The annual number of golf course users first exceeded 40 million in 2019, and in just two years, it surpassed 50 million, showing a rapid increase in the golf population.

As the golf population grows, related insurance products are also gaining popularity. Golf insurance is a product that covers accidents or injuries that may occur while playing golf, as well as loss of valuables.

The number of golf insurance subscribers at Samsung Fire & Marine Insurance, the largest non-life insurer in Korea, increased by 12%, from 97,407 in 2018 to 109,044 last year. The number of golf insurance subscribers at major non-life insurers such as Hyundai Marine & Fire Insurance, DB Insurance, and KB Insurance has also increased similarly.

As golf becomes more popular, insurance companies are developing various related products such as hole-in-one insurance and screen golf insurance.

Last month, Samsung Fire & Marine Insurance launched the ‘Direct Screen Hole-in-One Insurance,’ which covers congratulatory expenses when a hole-in-one is made during a screen golf game.

This is a type of mini insurance that can be easily subscribed to through the Samsung Fire Direct app before playing screen golf. Subscribers are covered up to 200,000 KRW for expenses such as purchasing commemorative gifts, banquet costs, and screen golf fees if they achieve a hole-in-one while playing screen golf.

Hyundai Marine & Fire Insurance’s Direct Golf Insurance is a short-term insurance that can be subscribed to for periods ranging from one month to one year. It covers risks occurring during golf games or practice and also covers damages caused to others by mistake at the golf course. It provides coverage up to 1 million KRW for commemorative gifts, ceremonial tree planting, and congratulatory money in case of a hole-in-one. Hanwha General Insurance’s One-Day Hole-in-One Golf Insurance covers hole-in-one expenses and after-party costs with premiums in the 2,000 KRW range.

Golf insurance from insurance companies is becoming increasingly easy to subscribe to and more affordable. This trend is due to the recent activation of the golf industry centered on the MZ generation, which is lowering the age group subscribing to golf insurance.

According to a report by KB Financial Group Management Research Institute last year, 65% of golf beginners with less than three years of experience are in their 20s to 40s. The golf industry estimates that about 20-30% of the total golf population in Korea are young people in their 20s and 30s.

An official from the non-life insurance industry said, "As the golf population increases mainly among young people, sales of golf insurance that can be easily subscribed to via smartphones or the internet are also increasing."

This content was produced with the assistance of AI translation services.