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South Korea Insurance Report Q3 2009
Business Monitor International, June 2009, Pages: 106
This South Korea Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on South Korea's insurance industry
This report was written in late May 2009. Relative to the Q209 report, the main changes pertain to the profiles of companies – both regional and predominantly local – which have been updated considerably. The publisher has also included a brief overview of conditions – and development of premium income – through Q109. This is based on comments made by major (mainly listed) companies which became available (for the most part) from mid-May. The publisher hopes to build on this section in terms of detail.
As the publisher explains, Q109 was in many ways a challenging but far from disastrous quarter for the major protagonists in most markets. Notwithstanding the fact that particular non-life markets suffered as a result of a slump in the number of cars registered, and correspondingly lower demand for compulsory third party motor (CTPM) insurance and voluntary motor insurance, global non-life premiums generally held up well in spite of the global economic downturn. In contrast, life premiums were, in most markets, lower in Q109 than they had been in Q108. This was largely the result of the past volatility in global equity markets, although there were also other problems. Conditions remain fair in the global reinsurance market.
In terms of the major regions whose insurance markets are covered by BMI’s reports, Latin America and the Middle East and North Africa stood out in terms of growth in premiums (in non-life insurance in particular, but also in life insurance). Conditions were far more mixed in Central and Eastern Europe (particularly in non-life insurance, where the downturn in car registrations hit hard) and Asia Pacific (where various factors caused slippage in life premiums in many markets). Revision Of Data And Forecasts
The publisher has updated the insurance data for 2008 – and their forecasts for the next five years. In many cases, preliminary or final figures for last year have been published by the regulator or the trade association. In some cases, the publisher estimated figures for 2008, but only on the basis of information that has been published in relation to a significant portion of the year. It should also be noted that, in some cases the publisher has based their 2008 estimate on results disclosed by individual companies operating in the market in question.
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