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Life Insurance:-
The South Korean life insurance market was the third-largest in Asia in terms of gross written premium in 2013, after Japan and China. The segment plays a key role in the development of the country’s financial services sector and recorded growth during the review period (2009–2013). Its gross written premium increased from KRW88.8 trillion (US$69.6 billion) in 2009 to KRW124.0 trillion (US$113.2 billion) in 2013, at a compound annual growth rate (CAGR) of 8.7%. A high consumer preference for long-term life insurance products supported the segment’s growth during the review period.
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Non-Life Insurance:-
In terms of gross written premium, the South Korean non-life segment grew from KRW22.7 trillion (US$17.8 billion) in 2009 to KRW31.1 trillion (US$28.3 billion) in 2013, at a compound annual growth rate (CAGR) of 8.1% during the review period (2009–2013). The strong performance of the property and liability categories – which posted respective CAGRs of 12.5% and 18.1% – supported the segment’s growth.
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Rising automobiles sales and growing disposable income were among the segment’s other key drivers and are anticipated to remain so over the forecast period (2013–2018). The segment’s gross written premium is therefore projected to post a forecast-period CAGR of 6.0% to reach KRW41.5 trillion (US$40.0 billion) in 2018.
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Scope:-
This report provides a comprehensive analysis of the non-life insurance segment in South Korea:
- It provides historical values for South Korea’s life and non-life insurance segment for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
- It offers a detailed analysis of the key categories in South Korea’s life and non-life insurance segment, along with market forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for life and non-life insurance products in South Korea.
- It profiles the top life and non-life insurance companies in South Korea and outlines the key regulations affecting them.
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