Business Monitor International


South Korea Insurance Report

Published 20 February 2014

  • 90 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
 
$1,295.00
South Korea Insurance Report

BMI View: The competitive landscape of South Korea's insurance sector continues to be dominated by massive companies that are members of the local chaebol corporate groups. Overall, the sector appears mature by many standards. Nevertheless, the ongoing growth in health insurance and long-term insurance is underpinning the development of the non-life segment. In the life segment, particular companies are gaining market share through development of new products and/or changes in distribution practices.

BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.

As of early 2014, BMI remains of the view that the market is an attractive opportunity for large multinational companies in both segments.

In the life segment, demand for annuities is being boosted by the ageing of the population and by success on the part of particular insurers in lifting the productivity of some distribution channels. The non-life companies are achieving double-digit growth in premiums - but thanks mainly to rising demand for long-term products. The long-term products would, in most other countries, be offered by companies in the life segment. Moreover, recent legal changes have lifted demand for particular non-life lines (such as compulsory liability insurance for managers of public facilities).

Nevertheless, there are challenges. The environment of low economic growth...

Table of Contents

BMI Industry View
7
SWOT
9
Insurance
9
Political
11
Economic
12
Business Environment
13
Industry Forecast
14
Total Premiums Forecast
14
Total Gross Premiums
14
Table: Total Gross Premiums Written 2011-2018
14
Claims And Assets
15
Table: Total Insurance Claims 2005-2010
15
Table: Assets 2005-2011
16
Life Premiums Forecast
16
Life Premiums
17
Table: Gross Life Premiums Written 2011-2018
18
Life Insurance Drivers
18
Table: Insurance Key Drivers, Private Health Expenditure 2011-2018
19
Table: Insurance Key Drivers, Disease Adjusted Life Years 2011-2018
19
Life Insurance Claims And Assets
20
Table: Life Insurance Claims 2005-2012
20
Table: Assets 2005-2012
21
Non-Life Premiums Forecast
21
Non-Life Premiums
22
Table: Gross Non-Life Premiums 2011-2018
23
Table: Net Non-Life Premiums 2011-2018
24
Reinsurance
24
Table: Reinsurance Non-Life Premiums 2011-2018
25
Non-Life Claims
25
Table: Non-Life Insurance Claims 2005-2010
25
Non-Life Assets
26
Table: Assets 2005-2011
26
Non-Life Sub-Sector Forecast
27
Table: Non-Life % Breakdown 2011-2018
27
Motor And Transport Insurance
28
Table: Motor Vehicle Insurance 2011-2018
29
Table: Insurance Key Drivers, Autos 2011-2018
29
Table: Transport Insurance 2011-2018
31
Table: Insurance Key Drivers, Freight Tonnage 2011-2018
32
Property Insurance
32
Table: Property Insurance 2011-2018
33
Credit/ Financial Guarantee Insurance
33
Table: Credit/Financial Guarantee Insurance 2011-2018
34
Industry Risk Reward Ratings
35
Asia Pacific Industry Risk/Reward Ratings
35
Table: Asia Pacific Insurance Risk/Reward Ratings
35
Market Overview
36
Life Market Overview
36
Table: Life Insurance Market (US$mn) 2006-2012
38
Table: Life Insurance Market (%) 2006-2012
39
Non-Market Overview
40
Table: Non-Life Insurance Market (US$mn) 2011
41
Table: Non-Life Insurance Market (%) 2011
42
Company Profile
44
AIA Group
44
Allianz
48
American International Group (AIG)
51
AXA
56
Hanwha Life
59
Hyundai Marine & Fire Insurance
62
MetLife
65
Prudential Financial
68
Prudential plc
71
Samsung Fire & Marine
74
Samsung Life
77
Demographic Forecast
80
Demographic Outlook
80
Table: South Korea's Population By Age Group, 1990-2020 ('000)
81
Table: South Korea's Population By Age Group, 1990-2020 (% of total)
82
Table: South Korea's Key Population Ratios, 1990-2020
83
Table: South Korea's Rural And Urban Population, 1990-2020
83
Methodology
84
Industry Forecast Methodology
84
Risk/Reward Rating Methodology
87
Table: Indicators
88
Table: Weighting of Indicators
90

The South Korea Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's South Korea Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Korean insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for South Korea to test other views - a key input for successful budgeting and strategic business planning in South Korea's insurance market.
  • Target business opportunities and risks in South Korea through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

Regional Outlook

Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.

Business Environment Ratings

BMI's Insurance Business Environment Ratings provide a country-comparative Risk-Reward Ratings index aimed at investors (Life and Non-Life) in the insurance market.

The ratings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Ratings products.

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

Premiums: Total (US$mn), growth (% y-o-y), penetration (% of GDP), density (US$ per capita) for Life and Non-Life sectors, and total premiums.

Life: Data on gross written premiums for all major non-life segments (e.g. motor, fire, work).

Non-life: Data on gross written premiums for all major life segments (e.g. life, retirement).

Economic: Nominal GDP (US$bn), real GDP growth (%), GDP per capita (US$), population (mn), unemployment (%), exchange rate (against US$).

Competitive Landscape & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Company Profiles

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc