Boston, MA -- (SBWire) -- 10/15/2012 --In terms of gross written premiums, the South Korean insurance industry is the world's ninth-largest insurance industry and is, behind Japan and China, the third-largest insurance industry in Asia. Moreover, the industry has grown significantly over the last decade due to an overall increase in consumer awareness of insurance products and South Korea's strong macroeconomic growth, which has resulted in the country now having the highest gross insurance written premiums per capita in Asia and the highest gross written premiums as a percentage of GDP in Asia.
Key Highlights
- In terms of gross written premiums, the South Korean insurance industry is the world's ninth-largest insurance industry and is, behind Japan and China, the third-largest insurance industry in Asia.
- The industry has grown significantly over the last decade due to an overall increase in consumer awareness of insurance products and South Korea's strong macroeconomic growth.
- Although the value of the segment declined for the first time in 2009 as a result of the global financial crisis, it recovered in 2010 due to diversifying consumer needs.
- The life insurance industry is expected to record robust growth over the forecast period, driven by South Korea's rapidly aging population and consequent continued demand for post-retirement protection products such as annuities and savings insurance products.
- South Korea's insurance regulatory authority, the Financial Supervisory Service (FSS), introduced a new solvency regime centered on risk-based capital (RBC) in April 2011.
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Scope
This report provides a comprehensive analysis of the life insurance market in South Korea:
- It provides historical values for the South Korea life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the South Korea life insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for insurance products in South Korea
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in South Korea for life insurance business
- It provides a detailed analysis of the reinsurance market in South Korea and its growth prospects
- It profiles the top life insurance companies in South Korea and outlines the key regulations affecting them
Reasons to Get this Report
- Make strategic business decisions using in depth historic and forecast market data related to the South Korean life insurance market and each sector within it
Companies Mentioned in this Report: Samsung Life, Kyobo Life, Korea Life, ING Life, Mirae Life, Shinhan Life, Tong Yang Life, Hungkuk Life, MetLife, Allianz Life
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