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South Korean Insurance Industry Forecast to 2012

RNCOS
September 1, 2009
70 Pages - SKU: CICQ2442791

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Countries covered: South Korea

The South Korean insurance market is one of the largest insurance markets in the world. After the Asian financial crisis of 1998, it has rapidly expanded on the back of regulatory developments, government support, economic growth and rising income level to become the 7th largest market globally in terms of market share. The market will continue to grow at a fast pace in coming years, says our new research report, “South Korean Insurance Industry Forecast to 2012”.

Given the impact of global economic crisis on the industry, there will be a limited demand for insurance products in short term. However, the growth scenario will change for the medium term because it holds huge potential for improvement with recovery of real income growth and higher exports. Thus, the total amount of direct premiums collection for the forecast period (FY 2009 - FY 2012) is expected to grow at a CAGR of over 6%, with the main impetus coming from the non-life insurance sector.

Analyzing the current market trends, we have done a comprehensive analysis of the South Korean insurance market to give an outline of industry’s progress in future. The report covers various segments of the insurance market. It gives detailed product wise analysis of the insurance market by studying it in terms of life-insurance, non-life insurance, premiums collected and claims paid.

Our research also highlights the factors which are responsible for the growth of South Korean insurance market over the forecast period. It says that the growth in real income of the Korean population along with perennial demand for private health insurance is the main drivers of the insurance industry. This trend, coupled with government’s initiatives, is playing a critical role in promoting reforms and competitiveness.

Since deregulation in 1987, the life insurance sector has seen many new entrants, but the largest three, Samsung Life, Korea Life and Kyobo Life, still dominate the market, accounting for about 69% of all life-insurance assets at the end of December 2008. The non-life sector is similarly concentrated with Samsung Fire & Marine, Hyundai Fire & Marine, Dongbu Fire & Marine and LG Insurance accounting for around 68% of all non-life-insurance assets at the end of December 2008.

1. Analyst View
2. Macroeconomic Status
3. Market Overview
4. Market Segmentation: 4.1 Life Insurance; 4.2 General Insurance (Non-life Insurance)
5. Future Growth Areas: 5.1 Bancassurance; 5.2 Green Insurance Products; 5.3 Dental Insurance; 5.4 Ageing Population; 5.5 Private Pension Schemes; 5.6 Distance Marketing of Insurance Products; 5.7 Cross Selling of Banking Products; 5.8 Customized Products
6. Government Regulations and Initiatives
7. Industry Restarints: 7.1 Talent Crunch; 7.2 High Policy Surrender Rate; 7.3 Declining Profitability
8. Competitive Landscape: 8.1 Life Insurance; 8.2 Non-life Insurance
List of Figures:: Figure 2-1: Per Head Disposable Income (US$), 2005-2008; Figure 2-2: Insurance Density (US$), FY 2005 to FY 2008; Figure 2-3: Forecast for Per Head Disposable Income (US$), 2009-2012; Figure 2-4: GDP per Head (US$), 2005-2008; Figure 2-5: Forecast for GDP per Head (US$), 2009-2012; Figure 3-1: Total Insurance Premium (Billion Won), FY 2005 to FY 2008; Figure 3-2: Share in Global Insurance Market (FY 2005 to FY 2008); Figure 3-3: Forecast for Insurance Premium (Billion Won), FY 2009 to FY 2012; Figure 4-1: Share of Life and Non-life Insurance Premium (FY 2008); Figure 4-2: Life Insurance Premium (Trillion Won), FY 2005 to FY 2008; Figure 4-3: Life Insurance Premium by Product (%), FY 2007; Figure 4-4: Forecast for Life Insurance Premium (Trillion Won), FY 2009 to FY 2012; Figure 4-5: Life Insurance Claims Paid (Trillion Won), FY 2005 to FY 2008; Figure 4-6: Pure Endowment Insurance Policy Premium (Trillion Won), FY 2005 to FY 2008; Figure 4-7: Forecast for Pure Endowment Insurance Policy Premium (Trillion Won), FY 2009 to FY 2012; Figure 4-8: Death Insurance Policy Premium (Trillion Won), FY 2005 to FY 2008; Figure 4-9: Forecast for Death Insurance Policy Premium (Trillion Won), FY 2009 to FY 2012; Figure 4-10: Endowment Insurance Policy Premium (Trillion Won), FY 2005 to FY 2008; Figure 4-11: Forecast for Endowment Insurance Policy Premium (Trillion Won), FY 2009 to FY 2012; Figure 4-12: Group Insurance Policy Premium (Trillion Won), FY 2005 to FY 2008; Figure 4-13: Forecast for Group Insurance Policy Premium (Trillion Won), FY 2009 to FY 2012; Figure 4-14: Separate Account Insurance Policy Premium (Trillion Won), FY 2005 to FY 2008; Figure 4-15: Forecast for Separate Account Insurance Policy Premium (Trillion Won), FY 2009 to FY 2012; Figure 4-16: Non-life Insurance Premium (Billion Won), FY 2005 to FY 2008; Figure 4-17: Non-life Insurance Premium by Product (%), FY 2007; Figure 4-18: Forecast for Non-life Insurance Premium (Billion Won), FY 2009 to FY 2012; Figure 4-19: Non-life Insurance Claims Paid (Billion Won), FY 2005 to FY 2008; Figure 4-20: Fire Insurance Premium (Billion Won), FY 2005 to FY 2008; Figure 4-21: Forecast for Fire Insurance Premium (Billion Won), FY 2009 to FY 2012; Figure 4-22: Fire Insurance Claims Paid (Billion Won), FY 2005 to FY 2008; Figure 4-23: Marine Insurance Premium (Billion Won), FY 2005 to FY 2008; Figure 4-24: Forecast for Marine Insurance Premium (Billion Won), FY 2009 to FY 2012; Figure 4-25: Marine Insurance Claims Paid (Billion Won), FY 2005 to FY 2008; Figure 4-26: Casualty Insurance Premium (Billion Won), FY 2005 to FY 2008; Figure 4-27: Forecast for Casualty Insurance Premium (Billion Won), FY 2009 to FY 2012; Figure 4-28: Casualty Insurance Claims Paid (Billion Won), FY 2005 to FY 2008; Figure 4-29: Automobile Insurance Premium (Billion Won), FY 2005 to FY 2008; Figure 4-30: Forecast for Automobile Insurance Premium (Billion Won), FY 2009 to FY 2012; Figure 4-31: Automobile Insurance Claims Paid (Billion Won), FY 2005 to FY 2008; Figure 4-32: Guarantee Insurance Premium (Billion Won), FY 2005 to FY 2008; Figure 4-33: Forecast for Guarantee Insurance Premium (Billion Won), FY 2009 to FY 2012; Figure 4-34: Guarantee Insurance Claims Paid (Billion Won), FY 2005 to FY 2008; Figure 4-35: Long-term Insurance Premium (Billion Won), FY 2005 to FY 2008; Figure 4-36: Forecast for Long-term Insurance Premium (Billion Won), FY 2009 to FY 2012; Figure 4-37: Long-term Insurance Claims Paid (Billion Won), FY 2005 to FY 2008; Figure 4-38: Private Annuity Insurance Premium (Billion Won), FY 2005 to FY 2008; Figure 4-39: Forecast for Private Annuity Insurance Premium (Billion Won), FY 2009 to FY 2012; Figure 4-40: Private Annuity Insurance Claims Paid (Billion Won), FY 2005 to FY 2008
List of Tables:: Table 2-1: Breakup of Ageing Population by Age Group (Million), 2005-2008; Table 2-2: Forecast for Breakup of Ageing Population by Age Group (Million), 2009-2012; Table 4-1: Top 10 Life Insurance Companies by Assets (Billion Won), Dec 2008; Table 4-2: Top 10 Non-life Insurance Companies by Assets (Billion Won), Dec 2008

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South Korean Insurance Industry Forecast to 2012

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