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South Korea Insurance Report Q4 2010
Business Monitor International, Sep 2010, Pages: 79
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.
Writing in August 2010, we have been able to include final data for fiscal 2009 and to amend projections accordingly. Total insurance premiums in South Korea in fiscal 2009 (i.e. the year to 31 March 2010) were KRW124,299,317mn. This includes non-life and inwards reinsurance premiums of KRW47,342,524mn and life premiums of KRW76,956,793mn. In fiscal 2014 (i.e. the year to 31 March 2015), the corresponding figures should be KRW151,056,600mn, KRW62,676,600mn and KRW88,380,000. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 3.95% of GDP in 2009 to 4.20% in 2014. We anticipate that life density will rise from US$1,242 in fiscal 2009 to US$1,800 in fiscal 2014. BMI’s proprietary Insurance Business Environment Rating for South Korea is 72.3 out of 100.
As in previous quarters, we provide a ranking of the major players in each of the two main segments, as they are seen by the organisation providing the data (which is usually the regulator or the trade association). In South Korea, for instance, the three largest non-life companies in H109, in terms of gross written premiums, 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 H109 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), personal accident insurance 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.
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