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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.



Table Of Contents

Personal Accident and Health Insurance in South Korea, Key Trends and Opportunities to 2020
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Profitability
4.2.5 Assets and investments
5 Outlook by Category
5.1 Personal Accident Insurance
5.1.1 Premium
5.1.2 Policies
5.1.3 Claims
5.1.4 Profitability
5.2 Health Insurance
5.2.1 Premium
5.2.2 Policies
5.2.3 Claims
5.2.4 Profitability
5.3 Travel Insurance
5.3.1 Premium
5.3.2 Policies
5.3.3 Claims
5.3.4 Profitability
6 Distribution Channel Outlook
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Samsung Fire and Marine Insurance Co., Ltd - company overview
7.1.2 Hyundai Marine and Fire Insurance Co., Ltd - company overview
7.1.3 Dongbu Insurance Co., Ltd - company overview
7.1.4 KB Insurance Co., Ltd. - company overview
7.1.5 Meritz Fire and Marine Insurance Co., Ltd - company overview
7.1.6 Hanwha Non-Life Insurance Co., Ltd - company overview
7.1.7 Heungkuk Fire and Marine Insurance Co., Ltd - company overview
7.1.8 NongHyup Property and Casualty Insurance Co., Ltd - company overview
7.1.9 Lotte Insurance Co., Ltd - company overview
7.1.10 Seoul Guarantee Insurance Company Ltd - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Workers' compensation insurance
8.4.3 Liability insurance for buildings to cover third-party bodily injury caused by fire
8.4.4 Fire legal liability insurance
8.4.5 Liability insurance for damage caused by gas accidents
8.4.6 eBiz Liability insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Financial Services Commission
8.5.3 Financial Supervisory Service
8.5.4 Korea Life Insurance Association
8.5.5 General Insurance Association of Korea
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Databook
9.1 Policies and Premium
9.1.1 Claims and expenses
9.1.2 Assets and investments
9.1.3 Personal accident insurance
9.1.4 Health insurance
9.1.5 Health insurance by product
9.1.6 Travel insurance
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer



List of Tables
Table 1: South Korean Personal Accident and Health Insurance - Key Facts, 2015
Table 2: South Korean Personal Accident and Health Insurance - Top Insurers, 2015
Table 3: South Korean Government Credit Ratings
Table 4: South Korean Personal Accident and Health Insurance - Gross Written Premium (KRW Trillion and US$ Billion), 2011-2015
Table 5: South Korean Personal Accident and Health Insurance - Penetration (%), 2011-2015
Table 6: South Korean Personal Accident and Health Insurance - Gross Written Premium (KRW Trillion and US$ Billion), 2015-2020
Table 7: South Korean Personal Accident and Health Insurance - Penetration (%), 2015-2020
Table 8: South Korean Personal Accident and Health Insurance - Premium per Capita (KRW and US$), 2011-2015
Table 9: South Korean Personal Accident and Health Insurance - Premium per Capita (KRW and US$), 2015-2020
Table 10: South Korean Personal Accident and Health Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 11: South Korean Personal Accident and Health Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 12: South Korean Personal Accident and Health Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
Table 13: South Korean Personal Accident and Health Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
Table 14: South Korean Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2015
Table 15: South Korean Personal Accident and Health Insurance - Profitability Ratio (%), 2015-2020
Table 16: South Korean Personal Accident and Health Insurance - Total Assets (KRW Trillion and US$ Billion), 2011-2015
Table 17: South Korean Personal Accident and Health Insurance - Total Assets (KRW Trillion and US$ Billion), 2015-2020
Table 18: South Korean Personal Accident and Health Insurance - Total Investment Income (KRW Trillion and US$ Billion), 2011-2015
Table 19: South Korean Personal Accident and Health Insurance - Total Investment Income (KRW Trillion and US$ Billion), 2015-2020
Table 20: South Korean Personal Accident and Health Insurance - Investment Portfolio (KRW Trillion), 2011-2015
Table 21: South Korean Personal Accident and Health Insurance - Investment Portfolio (KRW Trillion), 2015-2020
Table 22: South Korean Personal Accident and Health Insurance - Direct Written Premium by Category (KRW Trillion),2011-2015
Table 23: South Korean Personal Accident and Health Insurance - Direct Written Premium by Category (KRW Trillion), 2015-2020
Table 24: South Korean Personal Accident Insurance - Direct Written Premium (KRW Trillion and US$ Billion), 2011-2015
Table 25: South Korean Personal Accident Insurance - Direct Written Premium (KRW Trillion and US$ Billion), 2015-2020
Table 26: South Korean Personal Accident Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 27: South Korean Personal Accident Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 28: South Korean Personal Accident Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
Table 29: South Korean Personal Accident Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
Table 30: South Korean Personal Accident Insurance - Loss Ratio (%), 2011-2015
Table 31: South Korean Personal Accident Insurance - Loss Ratio (%), 2015-2020
Table 32: South Korean Health Insurance - Direct Written Premium by Sub-Category (KRW Trillion), 2011-2015
Table 33: South Korean Health Insurance - Direct Written Premium by Sub-Category (KRW Trillion), 2015-2020
Table 34: South Korean Health Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015
Table 35: South Korean Health Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020
Table 36: South Korean Health Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
Table 37: South Korean Health Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
Table 38: South Korean Health Insurance - Loss Ratio (%), 2011-2015
Table 39: South Korean Health Insurance - Loss Ratio (%), 2015-2020
Table 40: South Korean Travel Insurance - Direct Written Premium (KRW Billion and US$ Million), 2011-2015
Table 41: South Korean Travel Insurance - Direct Written Premium (KRW Billion and US$ Million), 2015-2020
Table 42: South Korean Travel Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 43: South Korean Travel Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 44: South Korean Travel Insurance - Paid Claims (KRW Billion and US$ Million), 2011-2015
Table 45: South Korean Travel Insurance - Paid Claims (KRW Billion and US$ Million), 2015-2020
Table 46: South Korean Travel Insurance - Loss Ratio (%), 2011-2015
Table 47: South Korean Travel Insurance - Loss Ratio (%), 2015-2020
Table 48: South Korean Personal Accident and Health Insurance Industry - Top Insurers, 2015
Table 49: Samsung Fire and Marine Insurance Co., Ltd - Key Facts
Table 50: Hyundai Marine and Fire Insurance Co., Ltd - Key Facts
Table 51: Dongbu Insurance Co., Ltd - Key Facts
Table 52: KB Insurance Co., Ltd. - Key Facts
Table 53: Meritz Fire and Marine Insurance Co., Ltd - Key Facts
Table 54: Hanwha Non-Life Insurance Co., Ltd - Key Facts
Table 55: Heungkuk Fire and Marine Insurance Co., Ltd - Key Facts
Table 56: NongHyup Property and Casualty Insurance Co., Ltd - Key Facts
Table 57: Lotte Insurance Co., Ltd - Key Facts
Table 58: Seoul Guarantee Insurance Company Ltd - Key Facts
Table 59: South Korea - Insurance Regulatory Framework Key Features
Table 60: South Korea - Life Insurance Regulatory Framework
Table 61: South Korea - Property Insurance Regulatory Framework
Table 62: South Korea - Motor Insurance Regulatory Framework
Table 63: South Korea - Liability Insurance Regulatory Framework
Table 64: South Korea - Corporate Tax Rates for the Financial Year 2016
Table 65: South Korean Personal Accident and Health Insurance Industry - Policies and Premium, 2011-2015
Table 66: South Korean Personal Accident and Health Insurance Industry - Policies and Premium, 2015-2020
Table 67: South Korean Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 68: South Korean Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 69: South Korean Personal Accident and Health Insurance - Assets and Investments, 2011-2015
Table 70: South Korean Personal Accident and Health Insurance - Assets and Investments, 2015-2020
Table 71: South Korean Personal Accident and Health Insurance - Personal Accident Insurance, 2011-2015
Table 72: South Korean Personal Accident and Health Insurance - Personal Accident Insurance, 2015-2020
Table 73: South Korean Personal Accident and Health Insurance - Health Insurance, 2011-2015
Table 74: South Korean Personal Accident and Health Insurance - Health Insurance, 2015-2020
Table 75: South Korean Personal Accident and Health Insurance - Health by Product, 2011-2015
Table 76: South Korean Personal Accident and Health Insurance - Health by Product, 2015-2020
Table 77: South Korean Personal Accident and Health Insurance - Travel Insurance, 2011-2015
Table 78: South Korean Personal Accident and Health Insurance - Travel Insurance, 2015-2020
Table 79: Insurance Industry Definitions



List of Figures
Figure 1: South Korean Real GDP (KRW Trillion), 2011-2020
Figure 2: South Korean KRW-US$ Exchange Rate,2011-2020
Figure 3: South Korean Consumer Price Inflation (%), 2011-2020
Figure 4: South Korean Current Account Balance as Percentage of GDP (%), 2011-2015
Figure 5: South Korean Unemployment Rate (%), 2011-2020
Figure 6: South Korean Population by Age Group, 1991-2025
Figure 7: South Korean Personal Accident and Health Insurance Penetration - Regional Comparison (%), 2015
Figure 8: South Korean Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: South Korean Personal Accident and Health Insurance - Gross Written Premium (KRW Trillion), 2011-2020
Figure 10: South Korean Personal Accident and Health Insurance - Penetration (%), 2011-2020
Figure 11: South Korean Personal Accident and Health Insurance - Premium per Capita (KRW), 2011-2020
Figure 12: South Korean Personal Accident and Health Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 13: South Korean Personal Accident and Health Insurance - Paid Claims (KRW Trillion), 2011-2020
Figure 14: South Korean Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2020
Figure 15: South Korean Personal Accident and Health Insurance - Total Assets (KRW Trillion), 2011-2020
Figure 16: South Korean Personal Accident and Health Insurance - Total Investment Income (KRW Trillion), 2011-2020
Figure 17: South Korean Personal Accident and Health Insurance - Investment Portfolio (KRW Trillion), 2011-2020
Figure 18: South Korean Personal Accident and Health Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 19: South Korean Personal Accident and Health Insurance - Direct Written Premium by Category (KRW Trillion), 2011-2020
Figure 20: South Korean Personal Accident and Health Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 21: South Korean Personal Accident Insurance - Direct Written Premium (KRW Billion), 2011-2020
Figure 22: South Korean Personal Accident Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 23: South Korean Personal Accident Insurance - Paid Claims (KRW Billion), 2011-2020
Figure 24: South Korean Personal Accident Insurance - Earned Premium, Incurred Loss and Loss Ratio (KRW Trillion and %), 2011-2020
Figure 25: South Korean Health Insurance - Direct Written Premium by Sub-Category (KRW Trillion), 2011-2020
Figure 26: South Korean Health Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2020
Figure 27: South Korean Health Insurance - Paid Claims (KRW Trillion), 2011-2020
Figure 28: South Korean Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (KRW Trillion and %), 2011-2020
Figure 29: South Korean Travel Insurance - Direct Written Premium (KRW Billion), 2011-2020
Figure 30: South Korean Travel Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 31: South Korean Travel Insurance - Paid Claims (KRW Billion), 2011-2020
Figure 32: South Korean Travel Insurance - Earned Premium, Incurred Loss and Loss Ratio (KRW Billion and %), 2011-2020
Figure 33: South Korea - Insurance Supervision and Control at Various Levels
Figure 34: South Korea - Insurance Regulatory Frameworks for Company Registration and Operation

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