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South Korea Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 23
The South Korean insurance industry has come a long way from being a largely closed industry to being an open industry now, due to several changes that happened in the last few decades. The industry witnessed a good growth on the back of Liberalization of the domestic insurance industry, increasing awareness of insurance products, demand for long-term and motor insurance products, development of new sales channels, as well as the growing economy are few of the leading factors which aided the growth of the insurance industry. In South Korea, life insurance market accounts for a larger share of the South Korean insurance business. The domestic consumer’s slow uptake in general insurance products has restricted non-life insurance business growth
South Korea is ranked sixth among the few countries in terms of per capita expenditure on insurance in the Asia Pacific region. The insurance penetration rate is considerably higher yet it is notably less in the non-life insurance segment. Though the life segment is projected to dominate the insurance market in the coming years, the non-life segment is expected to record strong growth on account of increasing demand for long -term insurance, cross-selling and online auto insurance sales.
The present report gives an overview of the South Korean insurance market along with an analysis of South Korea’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the South Korean insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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