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

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

Synopsis

Timetric’s 'Life Insurance in South Korea Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the South Korean life insurance segment, and a comparison of the South Korean insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, 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, 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 'Life Insurance in South Korea Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the South Korean life insurance segment, including:

  • An overview of the South Korean life insurance segment
  • The South Korean life insurance segment’s growth prospects by category
  • A comprehensive overview of the South Korean economy and demographics
  • A comparison of the South Korean life insurance segment with its regional counterparts
  • The various distribution channels in the South Korean life insurance segment
  • Details of the competitive landscape in the 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 life insurance segment in South Korea:
  • It provides historical values for the South Korean 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 life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the South Korean life insurance segment with its regional counterparts.
  • It analyzes the various distribution channels for life insurance products in South Korea.
  • It profiles the top 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 life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean life insurance segment.
  • Assess the competitive dynamics in the 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
  • Life insurance was the largest segment in the South Korean insurance industry, accounting for 64.2% of its direct written premium in 2015.
  • The country’s aging population encouraged insurers to concentrate on retirement benefits and private pension products. The population aged over 65 is expected to comprise 38% of the total population by 2050.
  • Growth was supported by economic growth, low inflation and the increasing significance of life insurance as a means of savings and investment.
  • On May 29, 2015, the South Korean government introduced the Civil Service Pension (CSP) reform to reduce the pension deficit.
  • Bancassurance emerged as the segment’s leading distribution channel in 2015, accounting for 46.6% of its total new business direct written premium.
  • The life segment is highly consolidated, with the 10 leading companies accounting for 80.6% of the segment’s gross written premium in 2015.


  • Key Facts and Highlights
    • Table South Korean Life Insurance - Key Facts, 2015
    • Table South Korean Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table South Korean Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table South Korean Life Insurance - Gross Written Premium (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Life Insurance - Penetration (%), 2011-2015
        • Table South Korean Life Insurance - Gross Written Premium (KRW Trillion and US$ Billion), 2015-2020
        • Table South Korean Life Insurance - Penetration (%), 2015-2020
        • Table South Korean Life Insurance - New Business Direct Written Premium (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Life Insurance - New Business Direct Written Premium (KRW Trillion and US$ Billion), 2015-2020
        • Table South Korean Life Insurance - Premium per Capita (KRW and US$), 2011-2015
        • Table South Korean Life Insurance - Premium per Capita (KRW and US$), 2015-2020
      • Policies sold
        • Table South Korean Life Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table South Korean Life Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table South Korean Life Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Life Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
      • Sum assured
        • Table South Korean Life Insurance - Sum Assured (KRW Trillion and US$ Trillion), 2011-2015
        • Table South Korean Life Insurance - Sum Assured (KRW Trillion and US$ Trillion), 2015-2020
      • Assets and investments
        • Table South Korean Life Insurance - Total Assets (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Life Insurance - Total Assets (KRW Trillion and US$ Billion), 2015-2020
        • Table South Korean Life Insurance - Total Investment Income (KRW Billion and US$ Billion), 2011-2015
        • Table South Korean Life Insurance - Total Investment Income (KRW Billion and US$ Billion), 2015-2020
        • Table South Korean Life Insurance - Investment Portfolio (KRW Trillion), 2011-2015
        • Table South Korean Life Insurance - Investment Portfolio (KRW Trillion), 2015-2020
  • Outlook by Sub-Segment
    • Table South Korean Life Insurance - Direct Written Premium by Sub-Segment (KRW Trillion),2011-2015
    • Table South Korean Life Insurance - Direct Written Premium by Sub-Segment (KRW Trillion), 2015-2020
    • Individual Life Insurance
      • Premium
        • Table South Korean Individual Life Insurance - Direct Written Premium by Category (KRW Trillion), 2011-2015
        • Table South Korean Individual Life Insurance - Direct Written Premium by Category (KRW Billion), 2015-2020
      • Policies sold
        • Table South Korean Individual Life Insurance - Number of Policies Sold by Category (Million), 2011-2015
        • Table South Korean Individual Life Insurance - Number of Policies Sold by Category (Million), 2015-2020
      • Penetration
    • Group Life Insurance
      • Premium
        • Table South Korean Group Life Insurance - Direct Written Premium by Category (KRW Billion), 2011-2015
        • Table South Korean Group Life Insurance - Direct Written Premium by Category (KRW Billion), 2015-2020
      • Policies sold
        • Table South Korean Group Life Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table South Korean Group Life Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Penetration
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Table South Korean Life Insurance - New Business Direct Written Premium by Distribution Channel (KRW Billion), 2011-2015
      • Table South Korean Life Insurance - New Business Direct Written Premium by Distribution Channel (KRW Billion), 2015-2020
      • Table South Korean Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
  • Competitive Landscape
    • Overview
      • Table South Korean Life Insurance - Segment Shares of Leading Insurers (%), 2015
    • Company Profiles
      • Samsung Life Insurance Co., Ltd - company overview
        • Table Samsung Life Insurance Co., Ltd - Key Facts
        • Table Samsung Life Insurance Co., Ltd - Key Financials (KRW Trillion), 2011-2015
      • Hanwha Life Insurance Co. Ltd - company overview
        • Table Hanwha Life Insurance Co. Ltd - Key Facts
        • Table Hanwha Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
      • Kyobo Life Insurance Co. Ltd - company overview
        • Table Kyobo Life Insurance Co. Ltd - Key Facts
        • Table Kyobo Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
      • NH NongHyup Life Insurance Co. Ltd - company overview
        • Table NH NongHyup Life Insurance Co. Ltd - Key Facts
        • Table NH NongHyup Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2014
      • Mirae Asset Life Insurance Co. Ltd - company overview
        • Table Mirae Asset Life Insurance Co. Ltd - Key Facts
        • Table Mirae Asset Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
      • Heungkuk Life Insurance Co. Ltd - company overview
        • Table Heungkuk Life Insurance Co. Ltd - Key Facts
        • Table Heungkuk Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
      • Shinhan Life Insurance Co. Ltd - company overview
        • Table Shinhan Life Insurance Co. Ltd - Key Facts
        • Table Shinhan Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
      • ING Life Insurance Company Korea Ltd - company overview
        • Table ING Life Insurance Company Korea Ltd - Key Facts
        • Table ING Life Insurance Company Korea Ltd - Key Financials (KRW Billion), 2011-2015
      • Tong Yang Life Insurance Co. Ltd - company overview
        • Table Tong Yang Life Insurance Co. Ltd - Key Facts
        • Table Tong Yang Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
      • Metlife Insurance Company of Korea, Ltd - company overview
        • Table Metlife Insurance Company of Korea, Ltd - Key Facts
        • Table Metlife Insurance Company of Korea, Ltd - Key Financials (KRW Billion), 2011-2015
  • Governance, Risk and Compliance
    • Table South Korea - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table South Korea - Life Insurance Regulatory Framework
      • Property insurance
        • Table South Korea - Property Insurance Regulatory Framework
      • Motor insurance
        • Table South Korea - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table South Korea - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Workers' compensation insurance
      • Liability insurance for buildings to cover third-party bodily injury caused by fire
      • Fire legal liability insurance
      • Liability insurance for damage caused by gas accidents
      • eBiz Liability insurance
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Financial Services Commission
      • Financial Supervisory Service
      • Korea Life Insurance Association
      • General Insurance Association of Korea
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table South Korea - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Databook
    • Policies and Premium
      • Table South Korean Life Insurance - Policies and Premium, 2011-2015
      • Table South Korean Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table South Korean Life Insurance - Claims and Expenses, 2011-2015
      • Table South Korean Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table South Korean Life Insurance - Assets and Investments, 2011-2015
      • Table South Korean Life Insurance - Assets and Investments, 2015-2020
    • Direct Marketing and E-Commerce
      • Table South Korean Life Insurance - Direct Marketing and E-Commerce, 2011-2015
      • Table South Korean Life Insurance - Direct Marketing and E-Commerce, 2015-2020
    • Insurance Brokers and Agencies
      • Table South Korean Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table South Korean Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Bancassurance and Other Distribution Channels
      • Table South Korean Life Insurance - Bancassurance and Other Distribution Channels, 2011-2015
      • Table South Korean Life Insurance - Bancassurance and Other Distribution Channels, 2015-2020
    • Individual Life Insurance
      • Table South Korean Life Insurance - Individual Life Insurance, 2011-2015
      • Table South Korean Life Insurance - Individual Life Insurance, 2015-2020
    • Individual Life Insurance by Product
      • Table South Korean Life Insurance - Individual Life Insurance by Product, 2011-2015
      • Table South Korean Life Insurance - Individual Life Insurance by Product, 2015-2020
    • Group Life Insurance
      • Table South Korean Life Insurance - Group Life Insurance, 2011-2015
      • Table South Korean Life Insurance - Group Life Insurance, 2015-2020
    • Group Life Insurance by Product
      • Table South Korean Life Insurance - Group Life Insurance by Product, 2011-2015
      • Table South Korean Life Insurance - Group Life Insurance by Product, 2015-2020
    • Linked vs Non-Linked Policies
      • Table South Korean Life Insurance - Linked vs Non-Linked Policies, 2011-2015
      • Table South Korean Life Insurance - Linked vs Non-Linked Policies, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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