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Personal Accident and Health Insurance in South Korea, Key Trends and Opportunities to 2020

Personal Accident and Health Insurance in South Korea, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Personal Accident and Health Insurance in South Korea Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the South Korean personal accident and health 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, 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, 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 'Personal Accident and Health Insurance in South Korea Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the South Korean personal accident and health insurance segment, including:

  • An overview of the South Korean personal accident and health insurance segment
  • The South Korean personal accident and health insurance segment’s growth prospects by category
  • A comprehensive overview of the South Korean economy and demographics
  • A comparison of the South Korean personal accident and health insurance segment with its regional counterparts
  • The various distribution channels in the South Korean personal accident and health insurance segment
  • Details of the competitive landscape in the personal accident and health 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 personal accident and health insurance segment in South Korea:
  • It provides historical values for the South Korean personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2020.
  • It provides a comparison of the South Korean personal accident and health insurance segment with its regional counterparts.
  • It provides an overview of the various distribution channels for personal accident and health insurance products in South Korea.
  • It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean personal accident and health insurance segment.
  • Assess the competitive dynamics in the personal accident and health 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 personal accident and health segment accounted for 21.4% of the overall insurance direct written premium in South Korea in 2015.
  • South Korea’s population is aging faster than in any other developed country. The proportion of the South Korean population aged 65 and above rose from 11.4% in 2011 to 13.1% in 2015; the figure is expected to reach 15.6% in 2020.
  • The segment remains highly competitive. Challenges arise from high rates of suicide and smoking, leading to huge losses for insurers during the review period.
  • The South Korean personal accident and health segment is highly competitive, with the presence of both domestic and foreign insurers.


  • Key Facts and Highlights
    • Table South Korean Personal Accident and Health Insurance - Key Facts, 2015
    • Table South Korean Personal Accident and Health Insurance - 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 Personal Accident and Health Insurance - Gross Written Premium (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Penetration (%), 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Gross Written Premium (KRW Trillion and US$ Billion), 2015-2020
        • Table South Korean Personal Accident and Health Insurance - Penetration (%), 2015-2020
        • Table South Korean Personal Accident and Health Insurance - Premium per Capita (KRW and US$), 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Premium per Capita (KRW and US$), 2015-2020
      • Policies sold
        • Table South Korean Personal Accident and Health Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table South Korean Personal Accident and Health Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
      • Profitability
        • Table South Korean Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Profitability Ratio (%), 2015-2020
      • Assets and investments
        • Table South Korean Personal Accident and Health Insurance - Total Assets (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Total Assets (KRW Trillion and US$ Billion), 2015-2020
        • Table South Korean Personal Accident and Health Insurance - Total Investment Income (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Total Investment Income (KRW Trillion and US$ Billion), 2015-2020
        • Table South Korean Personal Accident and Health Insurance - Investment Portfolio (KRW Trillion), 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Investment Portfolio (KRW Trillion), 2015-2020
  • Outlook by Category
    • Table South Korean Personal Accident and Health Insurance - Direct Written Premium by Category (KRW Trillion),2011-2015
    • Table South Korean Personal Accident and Health Insurance - Direct Written Premium by Category (KRW Trillion), 2015-2020
    • Personal Accident Insurance
      • Premium
        • Table South Korean Personal Accident Insurance - Direct Written Premium (KRW Trillion and US$ Billion), 2015-2020
        • Table South Korean Personal Accident Insurance - Direct Written Premium (KRW Trillion and US$ Billion), 2011-2015
      • Policies
        • Table South Korean Personal Accident Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table South Korean Personal Accident Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table South Korean Personal Accident Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Personal Accident Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
      • Profitability
        • Table South Korean Personal Accident Insurance - Loss Ratio (%), 2011-2015
        • Table South Korean Personal Accident Insurance - Loss Ratio (%), 2015-2020
    • Health Insurance
      • Premium
        • Table South Korean Health Insurance - Direct Written Premium by Sub-Category (KRW Trillion), 2011-2015
        • Table South Korean Health Insurance - Direct Written Premium by Sub-Category (KRW Trillion), 2015-2020
      • Policies
        • Table South Korean Health Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015
        • Table South Korean Health Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020
      • Claims
        • Table South Korean Health Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
        • Table South Korean Health Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
      • Profitability
        • Table South Korean Health Insurance - Loss Ratio (%), 2011-2015
        • Table South Korean Health Insurance - Loss Ratio (%), 2015-2020
    • Travel Insurance
      • Premium
        • Table South Korean Travel Insurance - Direct Written Premium (KRW Billion and US$ Million), 2011-2015
        • Table South Korean Travel Insurance - Direct Written Premium (KRW Billion and US$ Million), 2015-2020
      • Policies
        • Table South Korean Travel Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table South Korean Travel Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table South Korean Travel Insurance - Paid Claims (KRW Billion and US$ Million), 2011-2015
        • Table South Korean Travel Insurance - Paid Claims (KRW Billion and US$ Million), 2015-2020
      • Profitability
        • Table South Korean Travel Insurance - Loss Ratio (%), 2011-2015
        • Table South Korean Travel Insurance - Loss Ratio (%), 2015-2020
  • Distribution Channel Outlook
  • Competitive Landscape
    • Table South Korean Personal Accident and Health Insurance Industry - Top Insurers, 2015
    • Company Profiles
      • Samsung Fire & Marine Insurance Co., Ltd - company overview
        • Table Samsung Fire & Marine Insurance Co., Ltd - Key Facts
      • Hyundai Marine & Fire Insurance Co., Ltd - company overview
        • Table Hyundai Marine & Fire Insurance Co., Ltd - Key Facts
      • Dongbu Insurance Co., Ltd - company overview
        • Table Dongbu Insurance Co., Ltd - Key Facts
      • KB Insurance Co., Ltd. - company overview
        • Table KB Insurance Co., Ltd. - Key Facts
      • Meritz Fire & Marine Insurance Co., Ltd - company overview
        • Table Meritz Fire & Marine Insurance Co., Ltd - Key Facts
      • Hanwha Non-Life Insurance Co., Ltd - company overview
        • Table Hanwha Non-Life Insurance Co., Ltd - Key Facts
      • Heungkuk Fire and Marine Insurance Co., Ltd - company overview
        • Table Heungkuk Fire and Marine Insurance Co., Ltd - Key Facts
      • NongHyup Property & Casualty Insurance Co., Ltd - company overview
        • Table NongHyup Property & Casualty Insurance Co., Ltd - Key Facts
      • Lotte Insurance Co., Ltd - company overview
        • Table Lotte Insurance Co., Ltd - Key Facts
      • Seoul Guarantee Insurance Company Ltd - company overview
        • Table Seoul Guarantee Insurance Company Ltd - Key Facts
  • 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 Personal Accident and Health Insurance Industry - Policies and Premium, 2011-2015
      • Table South Korean Personal Accident and Health Insurance Industry - Policies and Premium, 2015-2020
      • Claims and expenses
        • Table South Korean Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
      • Assets and investments
        • Table South Korean Personal Accident and Health Insurance - Assets and Investments, 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Assets and Investments, 2015-2020
      • Personal accident insurance
        • Table South Korean Personal Accident and Health Insurance - Personal Accident Insurance, 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Personal Accident Insurance, 2015-2020
      • Health insurance
        • Table South Korean Personal Accident and Health Insurance - Health Insurance, 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Health Insurance, 2015-2020
      • Health insurance by product
        • Table South Korean Personal Accident and Health Insurance - Health by Product, 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Health by Product, 2015-2020
      • Travel insurance
        • Table South Korean Personal Accident and Health Insurance - Travel Insurance, 2011-2015
        • Table South Korean Personal Accident and Health Insurance - Travel 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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