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

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

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.


  • Key Facts and Highlights
    • Table South Korean Non-Life Insurance - Key Facts, 2015
    • Table South Korean Non-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 Non-Life Insurance - Gross Written Premium (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Non-Life Insurance - Penetration (%), 2011-2015
        • Table South Korean Non-Life Insurance - Gross Written Premium (KRW Trillion and US$ Billion), 2015-2020
        • Table South Korean Non-Life Insurance - Penetration (%), 2015-2020
        • Table South Korean Non-Life Insurance - Premium per Capita (KRW and US$), 2011-2015
        • Table South Korean Non-Life Insurance - Premium per Capita (KRW and US$), 2015-2020
      • Policies Sold
        • Table South Korean Non-Life Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table South Korean Non-Life Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table South Korean Non-Life Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Non-Life Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
      • Profitability
        • Table South Korean Non-Life Insurance - Profitability Ratio (%), 2011-2015
        • Table South Korean Non-Life Insurance - Profitability Ratio (%), 2015-2020
      • Assets and investments
        • Table South Korean Non-Life Insurance - Total Assets (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Non-Life Insurance - Total Assets (KRW Trillion and US$ Billion), 2015-2020
        • Table South Korean Non-Life Insurance - Total Investment Income (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Non-Life Insurance - Total Investment Income (KRW Trillion and US$ Billion), 2015-2020
        • Table South Korean Non-Life Insurance - Investment Portfolio (KRW Trillion), 2011-2015
        • Table South Korean Non-Life Insurance - Investment Portfolio (KRW Trillion), 2015-2020
  • Outlook by Category
    • Table South Korean Non-Life Insurance - Direct Written Premium by Category (KRW Billion),2011-2015
    • Table South Korean Non-Life Insurance - Direct Written Premium by Category (KRW Billion), 2015-2020
    • Property Insurance
      • Product overview
      • Premium
        • Table South Korean Property Insurance - Direct Written Premium by Sub-Category (KRW Billion), 2011-2015
        • Table South Korean Property Insurance - Direct Written Premium by Sub-Category (KRW Billion), 2015-2020
      • Policies Sold
        • Table South Korean Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015
        • Table South Korean Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020
      • Claims
        • Table South Korean Property Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Property Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
      • Profitability
        • Table South Korean Property Insurance - Loss Ratio (%), 2011-2015
        • Table South Korean Property Insurance - Loss Ratio (%), 2015-2020
    • Motor Insurance
      • Product overview
      • Premium
        • Table South Korean Motor Insurance - Direct Written Premium by Sub-Category (KRW Trillion), 2011-2015
        • Table South Korean Motor Insurance - Direct Written Premium by Sub-Category (KRW Trillion), 2015-2020
      • Claims
        • Table South Korean Motor Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Motor Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
      • Profitability
        • Table South Korean Motor Insurance - Loss Ratio (%), 2011-2015
        • Table South Korean Motor Insurance - Loss Ratio (%), 2015-2020
    • Liability Insurance
      • Product Overview
      • Premium
        • Table South Korean Liability Insurance - Direct Written Premium by Sub-Category (KRW Billion), 2011-2015
        • Table South Korean Liability Insurance - Direct Written Premium by Sub-Category (KRW Billion), 2015-2020
      • Policies Sold
        • Table South Korean Liability Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table South Korean Liability Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table South Korean Liability Insurance - Paid Claims (KRW Billion and US$ Million), 2011-2015
        • Table South Korean Liability Insurance - Paid Claims (KRW Billion and US$ Million), 2015-2020
      • Profitability
        • Table South Korean Liability Insurance - Loss Ratio (%), 2011-2015
        • Table South Korean Liability Insurance - Loss Ratio (%), 2015-2020
    • Marine, Aviation and Transit Insurance
      • Product Overview
        • Table South Korean Transport Network - Global Rankings
      • Premium
        • Table South Korean Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (KRW Billion), 2011-2015
        • Table South Korean Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (KRW Billion), 2015-2020
      • Policies sold
        • Table South Korean Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table South Korean Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table South Korean Marine, Aviation and Transit Insurance - Paid Claims (KRW Billion and US$ Million), 2011-2015
        • Table South Korean Marine, Aviation and Transit Insurance - Paid Claims (KRW Billion and US$ Million), 2015-2020
      • Profitability
        • Table South Korean Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
        • Table South Korean Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Table South Korean Non-Life Insurance - Direct Written Premium by Distribution Channel (KRW Billion), 2011-2015
      • Table South Korean Non-Life Insurance - Direct Written Premium by Distribution Channel (KRW Billion), 2015-2020
      • Table South Korean Non-Life Insurance - Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011-2020
      • Agencies
      • Direct marketing
      • Bancassurance
      • E-commerce
      • Insurance brokers
      • Other channels
  • Natural Hazards
    • Table South Korean Average Annual Loss by Hazard, 1990-2014
    • Flooding
    • Cyclones and Storms
    • Earthquakes
    • Droughts
    • Exposure
  • Competitive Landscape
    • Table South Korean Non-Life Segment - Market Shares of Leading Insurers (%), 2015
    • Company Profiles
      • Samsung Fire & Marine Insurance Co., Ltd - company overview
        • Table Samsung Fire & Marine Insurance Co., Ltd - Key Facts
        • Table - Samsung Fire & Marine Insurance Co., Ltd-Key Financials (KRW Billion), 2011-2015
      • Hyundai Marine & Fire Insurance Co., Ltd - company overview
        • Table Hyundai Marine & Fire Insurance Co., Ltd - Key Facts
        • Table Hyundai Marine & Fire Insurance Co., Ltd -Key Financials (KRW Billion), 2011-201
      • Dongbu Insurance Co., Ltd - company overview
        • Table Dongbu Insurance Co., Ltd - Key Facts
        • Table - Dongbu Insurance Co., Ltd -Key Financials (KRW Billion), 2011-2015
      • KB Insurance Co., Ltd. - company overview
        • Table KB Insurance Co., Ltd. - Key Facts
        • Table - KB Insurance Co., Ltd. -Key Financials (KRW Billion), 2011-2015
      • Meritz Fire & Marine Insurance Co., Ltd - company overview
        • Table Meritz Fire & Marine Insurance Co., Ltd - Key Facts
        • Table - Meritz Fire & Marine Insurance Co., 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 Insurance Industry - Policies and Premium, 2011-2015
      • Table South Korean Insurance Industry - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table South Korean Non-Life Insurance - Claims and Expenses, 2011-2015
      • Table South Korean Non-Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table South Korean Non-Life Insurance - Assets and Investments, 2011-2015
      • Table South Korean Non-Life Insurance - Assets and Investments, 2015-2020
    • Direct Marketing and E-Commerce
      • Table South Korean Non-Life Insurance - Direct Marketing and E-Commerce, 2011-2015
      • Table South Korean Non-Life Insurance - Direct Marketing and E-Commerce, 2015-2020
    • Insurance Brokers and Agencies
      • Table South Korean Non-Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table South Korean Non-Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Bancassurance and Other Distribution Channels
      • Table South Korean Non-Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table South Korean Non-Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Property Insurance
      • Table South Korean Non-Life Insurance - Property Insurance, 2011-2015
      • Table South Korean Non-Life Insurance - Property Insurance, 2015-2020
    • Property Insurance by Product
      • Table South Korean Non-Life Insurance - Property Insurance by Product, 2011-2015
      • Table South Korean Non-Life Insurance - Property Insurance by Product, 2015-2020
    • Motor Insurance
      • Table South Korean Non-Life Insurance - Motor Insurance, 2011-2015
      • Table South Korean Non-Life Insurance - Motor Insurance, 2015-2020
    • Motor Insurance by Product
      • Table South Korean Non-Life Insurance - Motor Insurance by Product, 2011-2015
      • Table South Korean Non-Life Insurance - Motor Insurance by Product, 2015-2020
    • Liability Insurance
      • Table South Korean Non-Life Insurance - Liability Insurance, 2011-2015
      • Table South Korean Non-Life Insurance - Liability Insurance, 2015-2020
    • Marine, Aviation and Transit Insurance
      • Table South Korean Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
      • Table South Korean Non-Life Insurance - Marine, Aviation and Transit Insurance, 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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