
South Korea Non-Life Insurance Market to 2027
Description
South Korea Non-Life Insurance Market to 2027
Summary
Non-Life Insurance in South Korea industry profile provides top-line qualitative and quantitative summary information including: market size (value 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Non-life insurance is typically defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event.
- The South Korean non-life insurance market had total gross written premiums of $24.9 billion in 2022, representing a compound annual growth rate (CAGR) of 5.2% between 2017 and 2022.
- The motor segment accounted for the market's largest proportion in 2022, with total gross written premiums of $15.4 billion, equivalent to 61.8% of the market's overall value.
- The Gangnam district of Seoul, Gyeonggi Province, and Incheon have all seen exceptional flooding due to the severe rains, causing damage to automobiles and residences. According to the General Insurance Association of Korea, as of August 11, 2023, 12 motor insurers have received over 9,100 cases of motor damage claims. Such events are encouraging the demand for property insurance.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in South Korea
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in South Korea
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the South Korea non-life insurance market with five year forecasts
- What was the size of the South Korea non-life insurance market by value in 2022?
- What will be the size of the South Korea non-life insurance market in 2027?
- What factors are affecting the strength of competition in the South Korea non-life insurance market?
- How has the market performed over the last five years?
- What are the main segments that make up South Korea's non-life insurance market?
Table of Contents
45 Pages
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market rivalry
- 1.6. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Who are the leading players?
- 7.2. What strategies do the leading players follow?
- 7.3. What has been the rationale behind recent M&A activity?
- 8 Company Profiles
- 8.1. DB Insurance Co Ltd
- 8.2. Hyundai Marine & Fire Insurance Co Ltd
- 8.3. KB Financial Group Inc
- 8.4. Samsung Fire & Marine Insurance Co Ltd
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: South Korea non-life insurance market value: $ billion, 2017–22
- Table 2: South Korea non–life insurance market category segmentation: % share, by value, 2017–2022
- Table 3: South Korea non-life insurance market category segmentation: $ billion, 2017-2022
- Table 4: South Korea non–life insurance market geography segmentation: $ billion, 2022
- Table 5: South Korea non-life insurance market value forecast: $ billion, 2022–27
- Table 6: DB Insurance Co Ltd: key facts
- Table 7: DB Insurance Co Ltd: Annual Financial Ratios
- Table 8: DB Insurance Co Ltd: Key Employees
- Table 9: Hyundai Marine & Fire Insurance Co Ltd: key facts
- Table 10: Hyundai Marine & Fire Insurance Co Ltd: Annual Financial Ratios
- Table 11: Hyundai Marine & Fire Insurance Co Ltd: Key Employees
- Table 12: Hyundai Marine & Fire Insurance Co Ltd: Key Employees Continued
- Table 13: KB Financial Group Inc: key facts
- Table 14: KB Financial Group Inc: Annual Financial Ratios
- Table 15: KB Financial Group Inc: Key Employees
- Table 16: KB Financial Group Inc: Key Employees Continued
- Table 17: Samsung Fire & Marine Insurance Co Ltd: key facts
- Table 18: Samsung Fire & Marine Insurance Co Ltd: Annual Financial Ratios
- Table 19: Samsung Fire & Marine Insurance Co Ltd: Key Employees
- Table 20: South Korea size of population (million), 2018–22
- Table 21: South Korea gdp (constant 2005 prices, $ billion), 2018–22
- Table 22: South Korea gdp (current prices, $ billion), 2018–22
- Table 23: South Korea inflation, 2018–22
- Table 24: South Korea consumer price index (absolute), 2018–22
- Table 25: South Korea exchange rate, 2018–22
- List of Figures
- Figure 1: South Korea non-life insurance market value: $ billion, 2017–22
- Figure 2: South Korea non-life insurance market category segmentation: $ billion, 2017-2022
- Figure 3: South Korea non–life insurance market geography segmentation: % share, by value, 2022
- Figure 4: South Korea non-life insurance market value forecast: $ billion, 2022–27
- Figure 5: Forces driving competition in the non-life insurance market in South Korea, 2022
- Figure 6: Drivers of buyer power in the non-life insurance market in South Korea, 2022
- Figure 7: Drivers of supplier power in the non-life insurance market in South Korea, 2022
- Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in South Korea, 2022
- Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in South Korea, 2022
- Figure 10: Drivers of degree of rivalry in the non-life insurance market in South Korea, 2022
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