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Reinsurance in South Korea, Key Trends and Opportunities to 2020

  • November 2016
  • 40 pages
  • Timetric
Report ID: 1007312

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Synopsis
Timetric’s 'Reinsurance in South Korea Key Trends and Opportunities to 2020' report provides detailed analysis of the market trends, drivers and challenges in the South Korean reinsurance segment.

It provides values for key performance indicators such as written premium, reinsurance ceded and reinsurance accepted during the review period (2011–2015) and forecast period (2015–2020).

The report also analyses information pertaining to the competitive landscape in the country, gives a comprehensive overview of the South Korean economy and demographics, and provides detailed analysis of natural hazards and their impact on the South Korean insurance industry.

The report brings together Timetric’s research, modeling and analysis expertise to enable reinsurers to identify segment dynamics and competitive advantages, and access profiles of reinsurers operating in the country.

Summary
Timetric’s 'Reinsurance in South Korea Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the South Korean reinsurance segment, including:

- The outlook for the South Korean reinsurance segment

- A comprehensive overview of the South Korean economy and demographics

- Detailed analysis of natural hazards and their impact on the South Korean insurance industry

- The competitive landscape in the South Korean reinsurance segment

Scope
This report provides a comprehensive analysis of the reinsurance segment in South Korea:

- It provides historical values for the South Korean reinsurance 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 reinsurance segment, and market forecasts to 2020.

- It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in South Korea, and the reinsurance segment's growth prospects.

- It analyzes various natural hazards and their impact on the South Korean insurance industry.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the South Korean reinsurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean reinsurance 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 reinsurance gross written premium in South Korea recorded a review-period CAGR of 5.7%.

- Foreign reinsurers are permitted to establish branch offices and operate in South Korea after obtaining required licenses from the Financial Services Commission (FSC). In September 2016, for instance, the Singapore-based Asia Capital Re received a license from the FSC to open a branch office in South Korea.

- In December 2014, the Financial Supervisory Service (FSS) issued the Reinsurance Best Practice Guidelines for foreign reinsurers operating in South Korea. According to the amendment, foreign reinsurers are prohibited from conducting face-to-face marketing meetings with directors or employees of domestic insurers in the country.

- The segment is consolidated, with the five leading reinsurers – Korean Re, Munich Re, Swiss Re, Scor Re and RGA – together accounting for 98.1% of the segment’s total gross written premium in 2015.

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