The insurance industry in Republic of Korea is overseen by the Financial Supervisory Service. In 2001, there were US $50.537 billion direct insurance premiums written, with US $35.392 billion of the total comprised of life insurance and US $14.145 billion comprised of nonlife insurance. In 2001, leading life insurance companies included Samsung Life, Korea Life, Kyobo Life, and Allianz. Leading nonlife insurance companies included Samsun, Hyundai, Dongbu, LG, and Oriental. Workers' compensation, medical insurance, and unemployment insurance are all compulsory.
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