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South Korea Motor Insurance Market, By Coverage (Liability Coverage, Collision Coverage, Comprehensive Insurance, Others); By Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, Others); By Vehicle Age (New Vehicles, Old Vehicles); By

Publisher BlueWeave Consulting
Published Oct 29, 2024
Length 112 Pages
SKU # BLWC19296814

Description

South Korea Motor Insurance Market Size Set to Reach USD 22.43 Billion by 2030

South Korea Motor Insurance Market is flourishing because of the increasing vehicle ownership and mandatory insurance regulations.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South Korea Motor Insurance Market size at USD 16.46 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects South Korea Motor Insurance Market size to expand at a CAGR of 4.52% reaching a value of USD 22.43 billion by 2030. Growing adoption of electric vehicles (EV) and strict government regulations requiring mandatory insurance are major growth factors for South Korea Motor Insurance Market. Due to the low number of fatal traffic accidents in the nation, which results in fewer insurance claims, motor insurance is a lucrative endeavor in South Korea.

Opportunity - Rising Demand for Commercial Vehicles

The rising use of commercial vehicles in South Korea for tourism and logistics & transportation is projected to propel the demand for motor insurance during the forecast period. South Korea tourism and hospitality sector is booming because of its growing leverage on soft power. The thriving tourism and hospitality sector is fueling the demand for car rental services across the country. Car rental companies obtain insurance policies for their vehicles to protect themselves against any financial losses in case of mishappening. Along with accidents, motor insurance also covers other unpredictable events, such as fire, theft, natural calamities, and vandalism, contributing to the growth of South Korea Motor Insurance Market.

Impact of Escalating Geopolitical Tensions on South Korea Motor Insurance Market

Escalating geopolitical tensions could impact various aspects of South Korea Motor Insurance Market. In response to geopolitical events, the government may enact regulations that impact the insurance industry, such as requirements for specific types of coverage or premium restrictions. Economic uncertainty also affects consumer spending, which results in a decline in demand for new vehicles or insurance. Additionally, the disruption of the supply chain may result in a shortage of vehicles or their components, which could force up vehicle prices, affecting the insured values and premiums.

Old Vehicle Segment to Grow Faster in Motor Insurance Market

The new vehicles segment holds a larger share of South Korea Motor Insurance Market by vehicle age. The presence of leading car manufacturers, such as Hyundai and Kia, makes automobiles affordable in the country, which drives up its market demand. However, the old vehicle segment is projected to register a faster growth rate over the forecast period. The demand for old cars is projected to surpass new cars in the coming years, owing to rising living costs in South Korea. Old cars also have low insurance premium rates compared to that of new cars, as the market value of old vehicles declines with each consecutive year.

Competitive Landscape

South Korea Motor Insurance Market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, DB Insurance, Kyobo Life Insurance, Hanwha General Insurance, Chubb Korea, LIG Insurance, AIG Korea, and MetLife Korea.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and South Korea Motor Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Korea Motor Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Table of Contents

112 Pages
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Executive Summary
3. South Korea Motor Insurance Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Increasing Vehicle Ownership
3.2.1.2. Rising Accident Rates
3.2.1.3. Mandatory Insurance Regulations
3.2.2. Restraints
3.2.2.1. Economic Downturns
3.2.2.2. Rising Costs
3.2.3. Opportunities
3.2.3.1. Increasing Awareness of Insurance Benefits
3.2.3.2. Expanding Product Offerings
3.2.4. Challenges
3.2.4.1. Natural Disaster
3.2.4.2. Competition from Insurtech Startups
3.3. Technological Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. South Korea Motor Insurance Market: Marketing Strategies
5. South Korea Motor Insurance Market: Pricing Analysis
6. South Korea Motor Insurance Market Overview
6.1. Market Size & Forecast, 2019–2030
6.1.1. By Value (USD Billion)
6.2. Market Share & Forecast
6.2.1. By Coverage
6.2.1.1. Liability Coverage
6.2.1.2. Collision Coverage
6.2.1.3. Comprehensive Insurance
6.2.1.4. Others
6.2.2. By Distribution Channel
6.2.2.1. Insurance Agents/Brokers
6.2.2.2. Direct Response
6.2.2.3. Banks
6.2.2.4. Others
6.2.3. By Vehicle Age
6.2.3.1. New Vehicles
6.2.3.2. Old Vehicles
6.2.4. By Application
6.2.4.1. Commercial Vehicles
6.2.4.2. Personal Vehicles
7. Competitive Landscape
7.1. List of Key Players and Their Offerings
7.2. South Korea Motor Insurance Company Market Share Analysis, 2023
7.3. Competitive Benchmarking, By Operating Parameters
7.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
8. Impact of Escalating Geopolitical Tensions on South Korea Motor Insurance Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
9.1. Samsung Fire & Marine Insurance
9.2. Hyundai Marine & Fire Insurance
9.3. DB Insurance
9.4. Kyobo Life Insurance
9.5. Hanwha General Insurance
9.6. Chubb Korea
9.7. LIG Insurance
9.8. AIG Korea
9.9. MetLife Korea
9.10. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
11.1. Qualitative Research
11.1.1. Primary & Secondary Research
11.2. Quantitative Research
11.3. Market Breakdown & Data Triangulation
11.3.1. Secondary Research
11.3.2. Primary Research
11.4. Breakdown of Primary Research Respondents, By Country
11.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 South Korea Motor Insurance Segmentation
Figure 2 South Korea Motor Insurance Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 South Korea Motor Insurance Market Size, By Value (USD Billion), 2019–2030
Figure 5 South Korea Motor Insurance Market Share, By Coverage, By Value, 2019–2030
Figure 6 South Korea Motor Insurance Market Share, By Distribution Channels, By Value, 2019–2030
Figure 7 South Korea Motor Insurance Market Share, By Vehicle Age, By Value, 2019–2030
Figure 8 South Korea Motor Insurance Market Share, By Application, By Value, 2019–2030
List of Tables
Table 1 South Korea Motor Insurance Market Size, By Value (USD Billion), 2019–2030
Table 2 South Korea Motor Insurance Market Size, By Coverage, By Value, 2019–2030
Table 3 South Korea Motor Insurance Market Size, By Distribution Channels, By Value, 2019–2030
Table 4 South Korea Motor Insurance Market Size, By Vehicle Age, By Value, 2019–2030
Table 5 South Korea Motor Insurance Market Size, By Application, By Value, 2019–2030
Table 6 Samsung Fire & Marine Insurance Company Overview
Table 7 Samsung Fire & Marine Insurance Financial Overview
Table 8 Hyundai Marine & Fire Insurance Company Overview
Table 9 Hyundai Marine & Fire Insurance Financial Overview
Table 10 DB Insurance Company Overview
Table 11 DB Insurance Financial Overview
Table 12 Kyobo Life Insurance Company Overview
Table 13 Kyobo Life Insurance Financial Overview
Table 14 Hanwha General Insurance Company Overview
Table 15 Hanwha General Insurance Financial Overview
Table 16 Chubb Korea Company Overview
Table 17 Chubb Korea Financial Overview
Table 18 LIG Insurance Company Overview
Table 19 LIG Insurance Financial Overview
Table 20 AIG Korea Company Overview
Table 21 AIG Korea Financial Overview
Table 22 MetLife Korea Company Overview
Table 23 MetLife Korea Financial Overview

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