Non-Life Insurance in South Korea, Key Trends and Opportunities to 2020

Non-Life Insurance in South Korea, Key Trends and Opportunities to 2020

  • November 2016 •
  • 139 pages •
  • Report ID: 1007313
Synopsis
Timetric’s 'Non-Life Insurance in South Korea Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the South Korean non-life insurance segment, and a comparison of the South Korean insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the South Korean economy and demographics, explains the various types of natural hazard and their impact on the South Korean insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'Non-Life Insurance in South Korea Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the South Korean non-life insurance segment, including:

- The South Korean non-life segment’s detailed outlook by product category

- A comprehensive overview of the South Korean economy and demographics

- A comparison of the South Korean non-life insurance segment with its regional counterparts

- The various distribution channels in the South Korean non-life insurance segment

- Detailed analysis of natural hazards and their impact on the South Korean insurance industry

- Details of the competitive landscape in the non-life insurance segment in South Korea

- Details of regulatory policy applicable to the South Korean insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in South Korea:

- It provides historical values for the South Korean non-life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

- It offers a detailed analysis of the key categories in the South Korean non-life insurance segment, and market forecasts to 2020.

- It provides a comparison of the South Korean non-life insurance segment with its regional counterparts.

- It analyzes the various distribution channels for non-life insurance products in South Korea.

- It analyzes various natural hazards and their impact on the South Korean insurance industry.

- It profiles the top non-life insurance companies in South Korea, and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the South Korean non-life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean non-life insurance segment.

- Assess the competitive dynamics in the non-life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the South Korean insurance industry, and their impact on companies and the industry's future.

Key Highlights
- The direct written premium of the South Korean non-life segment increased at a review-period CAGR of 4.8%.

- In November 2015, the Financial Services Commission (FSC) proposed to restrict the amount of claim payouts in motor insurance.

- Robust economic growth following the global downturn and the strong performance of non-life insurance policies – especially in the property and motor categories – were the key drivers of growth for the segment.

- The FSC is planning to relax licensing rules and minimum capital requirements for non-life insurance companies which want to sell general policies such as bicycle and glass insurance.

- Motor insurance was the largest non-life category, accounting for 62.0% of the segment’s gross written premium in 2015.

- South Korean non-life insurance is one of the fastest-growing segments in Asia-Pacific. It is highly concentrated, with the 10 leading companies accounting for 95.2% of the segment’s total gross written premium in 2015.
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