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South Korea Insurance Report Q1 2010
Business Monitor International, Jan 2010, Pages: 99
The 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 differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice almost always the national insurance regulator or the national insurance trade association). In South Korea, for instance, the three largest non-life companies in the first half of 2009 – in terms of Gross Written Premiums written - were Samsung F&M, Hyundae and Dongbu F&M, whose market shares were 27.0%, 15.3% and 14.2% respectively. In the life segment, the leaders in the first half of 2009 were Samsung, Kyobo and Korea, whose market shares were 28.6%, 13.4% and 13.1% respectively. Over time, we hope to derive insights from observing how market shares change. We emphasise though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines.
In this report, we also provide a breakdown of the insurance sector by line – from the point of view of the regulator or the trade association. In South Korea, for instance, the largest non-life lines in 2008 were land vehicles voluntary insurance (CASCO), accident and compulsory motor third party liability (CMTPL). These accounted for 21.9%, 12.5% and 11.4%, respectively, of total non-life premiums. Over time, we should be able to use this information to bring greater sophistication to our forecasting process. Writing in December 2009, we have been able to ensure that the report includes actual data for 2008. We have generally been able to use data that has been published over the course of 2009 to adjust our forecasts for the year as a whole. We have also extended the forecasts out to 2014. We are looking for total premiums in 2009 of KRW157,216,843mn. This includes non-life premiums of KRW65,227,073mn and life premiums of KRW92,429,651mn. In 2014, the corresponding figures should be KRW173,272,005min, KRW80,842,354mn and KRW92,429,651mn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 4.68% in 2009 to 5.52% in 2014, and for life density to rise from US$1485 to US$1882. BMI’s proprietary Insurance Business Environment Rating for South Korea is 72.8 out of 100.
This quarter we include a discussion of developments within regional markets on the basis of results published by major cross-border companies in
relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations. Various companies operating in both the non-life and the life segment have indicated that South Korea has been one of the more challenging markets in Asia Pacific. Problems have involved holders of long-term savings products seeking ‘premium holidays’, while life companies have introduced a number of new products. There is evidence that conditions in the non-life segment, too, remain tougher than in other countries in the region.
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