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EXECUTIVE SUMMARY

The report titled “South Korea Insurance Market Outlook to 2016 - Driven By Traditional Distribution Channel” provides a comprehensive analysis of market size of Asia-Pacific insurance industry, market segmentation of Asia-Pacific insurance industry by geography. The report includes market size of South Korea insurance industry, market segmentation of life and non-life South Korea insurance market and market size and segmentation of various non life segments. The report also provides value chain of South Korea insurance market, competitive landscape and profile of major players operating in the South Korean insurance industry.

The South Korean insurance market is one of the largest insurance industries in the world. The insurance market in the country has experienced a growth of ~% from USD ~ million in FY’2010 to USD ~ million in FY’2011. The growth in the market is due to the regulatory development, government support, economic growth and rising income level to become the 8th largest insurance market globally in terms of direct written premium.
The life insurance market in the country has witnessed a compound annual growth rate of 6.0% in the last seven years and has recorded direct written premium of USD ~ million in FY’2012. The life insurance industry in South Korea has experienced growth in the areas of annuities and endowment insurance. In 2011, the life insurance market has observed a growth of ~% on account of an increase in qualified tax benefit annuities by ~%, non qualified tax benefit annuities by ~% and interest-sensitive endowment insurance by ~%.

In FY’2011 the total life insurance claim paid were KRW ~ billion, representing an increase of ~% from the previous year. The benefits paid for death, accident, maturity and retirement were KRW ~ trillion which was up by ~% from FY’2010. The amount paid for maturity was KRW ~ billion while for death and retirement were KRW ~ billion and KRW ~ billion respectively in FY’2011.

In FY’2011, there are ~ non life insurance companies conducting business in the South Korean market which includes ~ domestic general insurers and ~ foreign general insurance companies. The domestic insurance companies includes ~ general insurers conducting direct insurance business, ~ reinsurer, ~ mono-line guarantee insurer and ~ mono-line automobile insurer.

The long term insurance segment is the leading contributor in non life insurance market of country with the direct written premium of USD ~ million in FY’2011. The long term insurance industry has witnessed compound annual growth rate of ~% in the last seven years due to an incline in the sales of saving type insurance products and the surging demand for accident, property and health insurance in the country.

The South Korean auto insurance industry has always been an important part of its overall insurance business. The amount of direct written premium in South Korea automobile insurance industry has grown at a CAGR of 4.5% in the last seven years. The industry has recorded direct written premium of USD ~ million in FY’2011 with a growth of ~% from the previous year. The growth in the market is influenced by an increase in the number of newly registered vehicles, country’s income and the taste toward luxury cars.

KEY TOPICS COVERED IN THE REPORT

- The market size of Asia-Pacific insurance industry and the contribution of countries
- The market size of South Korea insurance industry
- The market size of South Korea life and non-life insurance industry
- Market segmentation of life and non-life insurance markets in South Korea
- The market size and segmentation of various non-life insurance market
- Trends and Development of South Korea insurance market
- Competitive Landscape of the major players in life and non-life insurance market
- Competitive Landscape of the major player in various non-life insurance market
- Future outlook and projections for Asia-Pacific and South Korea insurance market
- Future outlook and projections for life and non-life South Korea insurance market
- Microeconomics and industry factors including South Korea population, GDP, health expenditure and number of vehicle, 2005-2016

Table Of Contents

South Korea Insurance Market Outlook to 2016 - Driven By Traditional Distribution Channel
TABLE OF CONTENTS
1. Asia-Pacific Insurance Industry
1.1. Industry Introduction
1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P
1.3. Asia-Pacific Insurance Market Segmentation
1.3.1. By Geography, 2005-2012P
1.3.2. By Life and Non Life, 2005-2012P
1. South Korea Insurance Industry
1.1. South Korea Insurance Value Chain
1.2. South Korea Insurance Market Size by Direct Written Premium, FY'2005-FY'2012P
2. South Korea Insurance Government Regulations
3. South Korea Life Insurance Market
3.1. South Korea Life Insurance Market Size, FY'2005-FY'2012P
3.2. Life Insurance Segmentation, FY'2005-FY'2012P
3.3. Market Share of Domestic and Foreign Insurers in Life Insurance Industry in South Korea, FY'2011
3.4. South Korea Life Insurance Market Future Outlook and Projection, FY'2013-FY'2016
4. South Korea Non-Life Insurance Market
4.1. South Korea Non-Life Insurance Market Size, FY'2005-FY'2012P
4.2. South Korea Non Life Distribution Channel, FY' 2005-FY'2011
4.3. Market Share of Major Non Life Insurers in South Korea, FY'2011
5. Non-Life Insurance Segmentation, FY'2005-FY'2012P
5.1. South Korea Long Term Insurance Industry
5.1.1. South Korea Long Term Insurance Market Size, FY'2005-FY'2012P
5.1.2. Long Term Insurance Segmentation, FY'2005-FY'2012P
5.1.3. South Korea Long Term insurance Claim Paid, FY'2005-FY'2011 4
5.1.4. Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry in South Korea, FY'2011
5.2. South Korea Long Term insurance Market Future Outlook and Projection, FY'2013-FY'2016
5.3. South Korea Automobile Insurance Industry
5.3.1. South Korea Automobile Insurance Market Size, FY'2005-FY'2012P
5.3.2. Automobile Insurance Segmentation, FY'2005-FY'2012P
5.3.3. South Korea Automobile insurance Claim Paid, FY'2005-FY'2011
5.3.4. Market Share of Domestic and Foreign Insuerers in Automobile Insurance Industry in South Korea, FY'2011
5.3.5. South Korea Automobile insurance Market Future Outlook and Projection, Fy'2013-FY'2016
5.4. South Korea Casualty Insurance Industry
5.4.1. South Korea Casualty Insurance Market Size, FY'2005-FY'2012P
5.4.2. South Korea Casualty insurance Claim Paid, FY'2005-FY'2012P
5.4.3. Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry in South Korea, FY'2011
5.4.4. South Korea Casualty insurance Market Future Outlook and Projection, FY'2013-FY'2016
5.5. South Korea Guarantee Insurance Industry
5.5.1. South Korea Guarantee Insurance Market Size, FY'2005-FY'2012P
5.5.2. South Korea Guarantee insurance Claim Paid, FY'2005-FY'2011
5.5.3. Market Share of Domestic and Foreign Insurers in Guarantee Insurance Industry in South Korea, FY'2011
5.5.4. South Korea Guarantee insurance Market Future Outlook and Projection, FY'2013-FY'2016
5.6. South Korea Marine Insurance Industry
5.6.1. South Korea Marine Insurance Market Size, FY'2005-FY'2012P
5.6.2. South Korea Marine insurance Claim Paid, FY'2005-FY'2011
5.6.3. Market Share of Domestic and Foreign Insurers in Marine Insurance Industry in South Korea, FY'2011
5.6.4. South Korea Marine insurance Market Future Outlook and Projection, FY'2013-FY'2016
5.7. South Korea Fire Insurance Industry
5.7.1. South Korea Fire Insurance Market Size, FY'2005-FY'2012P
5.7.2. South Korea Fire insurance Claim Paid, FY'2005-FY'2011
5.7.3. Market Share of Domestic and Foreign Insurers in Fire Insurance Industry in South Korea, FY'2011
5.7.4. South Korea Fire insurance Market Future Outlook and Projection, FY'2013-FY'2016
6. South Korea Non-Life Insurance Market Future Outlook and Projection, FY'2013-FY'2016
7. South Korea Insurance Industry Trends and Developments
Emergence of New Distribution Channel
Rising Merger, Acquisitions and Joint Venture
Rising Ageing Population
Increasing Cyber Risk Insurance Need
8. Asia-Pacific Insurance Industry Future Outlook
8.1. Asia-Pacific Insurance Industry Future Projections
8.1.1. By Geography, 2013-2016
9. South Korea Insurance Industry Future Outlook and Projections, FY'2013-FY'2016
9.1. Cause and Effect Relationship Between Dependent and Independent Factors Prevailing in South Korea Insurance Market
10. Company Profile of Major Players in South Korea Life Insurance Industry
10.1. Samsung Life
10.1.1. Company Profile
10.1.2. Business Strategies
10.1.3. Financial Performance
10.2. Hanwha Life
10.2.1. Company Profile
10.2.2. Business Strategies
10.3. Kyobo Life
10.3.1. Company Profile
10.3.2. Business Strategies
10.3.3. Financial Performance
11. Company Profile of Major Players in South Korea Non-Life Insurance Industry
11.1. Hyundai Marine and Fire Insurance
11.1.1. Company Profile
11.1.2. Business Strategies
11.1.3. Financial Performance
11.2. LIG Insurance
11.2.1. Company Profile
11.2.2. Business Strategies
11.2.3. Financial Performance
12. South Korea Insurance Industry Macro-Economic Indicators: Historical and Projections
12.1. South Korea Population, 2005-2016
12.2. GDP of South Korea, 2005-2016
12.3. Healthcare Expenditure of South Korea, 2005-2016
12.4. Total Vehicle Production in South Korea, 2005-2016
13. Appendix
13.1. Market Definitions
13.2. Abbreviations
13.3. Research Methodology
Data Collection Methods
Approach
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
13.4. Disclaimer




LIST OF FIGURES
Figure 1: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 2: Asia-Pacific Insurance Market Segmentation by Life and non Life on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 3: Insurance Value Chain
Figure 4: South Korea Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012P
Figure 5: South Korea Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012P
Figure 6: South Korea life Insurance Market Segmentation by General and Separate Account on the Basis of Direct Written Premium in Percentage, FY'2005-FY'2012P
Figure 7: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basis of Direct Written Premium in Percentage, FY'2011
Figure 8: South Korea Life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Figure 9: South Korea Non Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012P
Figure 10: South Korea Non life Insurance Distribution Channel by Agents, Solicitors, Company Employees, Bank, Broker and Insurance Pools on the Basis of Direct Written Premium in Percentage, FY'2005-FY'2011
Figure 11: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of Direct Written Premium in Percentage, FY'2011
Figure 12: South Korea Non life Insurance Market Segmentation by Long Term, Automobile, Casualty, Guarantee, Marine, Fire and others on the Basis of Direct Written Premium in Percentage, FY'2005-FY'2012P
Figure 13: South Korea Long Term Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012P
Figure 14: South Korea Long Term Insurance Market Segmentation by Personal Accident, Health, Property and Others on the Basis of Direct Written Premium in Percentage, FY'2005-FY'2012P
Figure 15: South Korea Long Term Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2011
Figure 16: Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry on the Basis of Direct Written Premium in Percentage, FY'2011
Figure 17: South Korea Automobile Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012P
Figure 18: South Korea Automobile Insurance Market Segmentation by Voluntary and Compulsory Auto Liability Insurance on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 19: South Korea Automobile Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2011
Figure 20: Market Share of Domestic and Foreign Insurers in Automobile Insurance Industry on the Basis of Direct Written Premium in Percentage, FY'2011
Figure 21: South Korea Casualty Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012P
Figure 22: South Korea Casualty Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2011
Figure 23: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the Basis of Direct Written Premium in Percentage, FY'2011
Figure 24: South Korea Casualty Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Figure 25: South Korea Guarantee Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012P
Figure 26: South Korea Guarantee Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2011
Figure 27: Market Share of Domestic and Foreign Insurers in Guarantee Insurance Industry on the Basis of Direct Written Premium in Percentage, FY'2011
Figure 28: South Korea Guarantee Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Figure 29: South Korea Marine Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Figure 30: South Korea Marine Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2011
Figure 31: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on the Basis of Direct Written Premium in Percentage, FY'2011
Figure 32: South Korea Marine Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Figure 33: South Korea Fire Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 34: South Korea Fire Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2011
Figure 35: Market Share of Domestic and Foreign Insurers in Fire Insurance Industry on the Basis of Direct Written Premium in Percentage, FY'2011
Figure 36: South Korea Fire Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Figure 37: South Korea Non life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Figure 38: South Korea Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Figure 39: South Korea Life Insurance Premium Income of Samsung Life in USD Million, FY'2005-FY'2011
Figure 40: South Korea Life Insurance Premium Income of Kyobo Life in USD Million, FY'2006-FY'2011
Figure 41: South Korea Non-Life Insurance Direct Written Premium of Hyundai Marine and Fire Insurance in USD Million, FY'2005-FY'2011
Figure 42: South Korea Non-Life Insurance Direct Written Premium of LIG Insurance in USD Million, FY'2007-FY'2012
Figure 43: South Korea Population in Million, 2005-2016
Figure 44: GDP of South Korea in USD Million, 2005-2016
Figure 45: Healthcare Expenditure of South Korea in USD Million, 2005-2016
Figure 46: Total Vehicle Production in South Korea in Million, 2005-2016




LIST OF TABLES
Table 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct Written Premium in USD Billion, 2005-2012P
Table 2: Asia-Pacific Insurance Market Segmentation by Life and Non Life on the Basis of Direct Written Premium in USD Billion, 2005-2012P
Table 2: South Korea life Insurance Market Segmentation by General and Separate Account on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012P
Table 3: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basis of Direct Written Premium in USD Million, FY'2011
Table 4: South Korea Non life Insurance Market Segmentation by Agents, Direct Sales and Broker on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2011
Table 5: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of Direct Written Premium in USD Million, FY'2011
Table 6: South Korea Long Term Insurance Market Segmentation by Personal Accident, Health, Property and Others on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012P
Table 7: Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry on the Basis of Direct Written Premium in USD Million, FY'2011
Table 8: South Korea Long Term Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Table 9: South Korea Automobile Insurance Market Segmentation by Voluntary and Compulsory Auto Liability Insurance on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012P
Table 10: Market Share of Domestic and Foreign Insurers in Automobile Insurance Industry on the Basis of Direct Written Premium in USD Million, FY'2011 5
Table 11: South Korea Automobile Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Table 12: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the Basis of Direct Written Premium in USD Million, FY'2011
Table 13: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the Basis of Direct Written Premium in USD Million, FY'2011
Table 14: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on the Basis of Direct Written Premium in USD Million, FY'2011
Table 15: Market Share of Domestic and Foreign Insurers in Fire Insurance Industry on the Basis of Direct Written Premium in USD Million, FY'2011
Table 16: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 17: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of South Korea Insurance Market
Table 18: Correlation Matrix of the South Korea Insurance Industry
Table 19: Regression Coefficients Output of South Korea Insurance Industry




COMPANIES MENTIONED

Samsung Life Insurance, Korea Life, Kyobo Life Insurance, Hanwha Life Insurance, Samsung Fire and Marine Insurance, Hyundai Marine and Fire, Dongbu, The Seoul Guarantee Insurance Company, LIG Insurance, Meritz Fire and Marine, Heungkuk Fire and Marine

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