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South Korea Insurance Report Q1 2016

  • January 2016
  • -
  • Business Monitor International
  • -
  • 52 pages

Includes 3 FREE quarterly updates

BMI View: Both the life and the non-life segments of South Korea's sophisticated insurance sector shouldbenefit from the ageing of the population. There are upside risks to our forecasts for the life segment andfor the long term products that are offered by the non-life insurers. There are some downside risks to ourforecasts for property and motor vehicle insurance.

Latest Updates And Forecasts

- South Korea is in many ways the archetypal North Asian insurance sector. Life insurance has long playeda central role in the economy and society as a conduit for organised savings. This is in a country wherethe savings rate has typically been high and the provision of social security by the state has been limited.Two factors set the insurance sector apart from others. One is the fact that long-term savings andprotection products are also a very important business for South Korea's non-life companies, whicheffectively operate as composites. The other is that many of the leading companies benefit from theirassociation with the Chaebol corporate groups which dominate South Korea's economy.

- Recent results from the largest insurers confirm that they are benefiting from a number of factors. Inparticular, life insurance is seen as an attractive opportunity relative to other savings and investments,given very low interest rates and the volatility of financial markets. Over the long-term, demand forretirement income products will grow thanks to the ageing of the population. The risks to our forecastsare overwhelmingly to the upside.

Table Of Contents

South Korea Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (South Korea 2012-2019) 5
SWOT 7
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (South Korea 2012-2019) 12
Table: Life Insurance Claims (South Korea 2007-2014) 13
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (South Korea 2012-2019) 16
Table: Non-Life Insurance Claims (South Korea 2008-2014) 17
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (South Korea 2012-2019) 24
Industry Risk Reward Ratings 26
Asia Pacific Industry Risk/Reward Index 26
Table: Asia Pacific Insurance Risk/Reward Index 27
Market Overview 28
Life Market Overview 28
The Product Offering 28
Competitive Landscape 29
Table: Company Performance: Life Insurance Market (USDmn) 2007-2012 31
Table: Company Performance: Life Insurance Market (%) 2007-2012 32
Non-Life Market Overview 33
The Product Offering 33
The Competitive Landscape 33
Table: Company Performance: Non-Life Insurance Market (USDmn) 2011-2012 35
Table: Company Performance: Non-Life Insurance Market (%) 2011-2012 36
Company Profile 37
Hanwha Life 37
Samsung Life 40
Samsung Fire and Marine 43
Methodology 46
Industry Forecast Methodology 46
Risk/Reward Index Methodology 49
Table: Indicators 51
Table: Weighting of Indicators 52

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