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Trend and Opportunities in the South Korean Non-Life Insurance Industry to 2016: Market Profile
Timetric, March 2012, Pages: 116
Synopsis
The report provides top-level market analysis, information and insights into the South Korean non-life insurance market, including:
- The South Korean non-life insurance market’s growth prospects by non-life insurance categories
- The various distribution channels in the South Korean non-life insurance market
- A description of the non-life reinsurance market in South Korea
Summary
During the review period, the South Korean non-life insurance market grew at a healthy rate backed by growing industrial and commercial construction markets, a positive outlook for GDP growth and increased penetration of insurance products. The South Korean insurance regulatory authority introduced a new risk-based capital (RBC) solvency regime in April 2011, replacing the old solvency model based on the EU’s solvency I regime. The proposed solvency standards will increase insurance companies’ capital requirements, allowing them to assume higher risk and improve their financial stability.
Scope
This report provides a comprehensive analysis of the non-life insurance market in South Korea:
- It provides historical values for South Korea’s non-life insurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
- It offers a detailed analysis of the key sub-segments in South Korea’s non-life insurance market, along with market forecasts until 2016
- It analyses the various distribution channels for non-life insurance products in South Korea
Reasons To Buy
- Make strategic business decisions using top-level historic and forecast market data related to the South Korean non-life insurance market and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the South Korean non-life insurance market
- Identify the growth opportunities and market dynamics within key product categories
Key Highlights
NA
1 Introduction
1.1 What is this Report About?
1.2 Definitions
1.3 Methodology
2 South Korean Insurance Industry Attractiveness
2.1 Insurance Industry Market Size, 2007–2016
2.2 Key Industry Trends and Drivers
2.2.1 Business drivers
2.2.2 Consumer drivers
2.3 Recent Market Developments
3 Non-Life Insurance Market Outlook
3.1 Non-Life Insurance Growth Prospects by Category
3.1.1 Property insurance category market size, 2007–2016
3.1.2 Fire and allied perils insurance sub-category market size, 2007–2016
3.1.3 Engineering insurance sub-category market size, 2007–2016
3.1.4 Agriculture insurance sub-category market size, 2007–2016
3.1.5 Other property sub-category market size, 2007–2016
3.2 Motor Insurance Category Market Size, 2007–2016
3.2.1 Motor hull sub-category market size, 2007–2016
3.2.2 Motor third party sub-category market size, 2007–2016
3.3 General Third Party Category Market Size, 2007–2016
3.4 Marine, Aviation and Transit Category Market Size, 2007–2016
3.4.1 Marine sub-category market size, 2007–2016
3.4.2 Aviation sub-category market size, 2007–2016
3.4.3 Transit sub-category market size, 2007–2016
4 Analysis by Distribution Channels
4.1 Direct Marketing Channel Market Size, 2007–2016
4.2 Bancassurance Channel Market Size, 2007–2016
4.3 Agencies Channel Market Size, 2007–2016
4.4 Other Channel Market Size, 2007–2016
5 Appendix
5.1 Methodology
5.2 Contact us
5.3 About Timetric
5.4 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: South Korea Insurance Overall Written Premium by Segment (KRW Billion), 2007–2011
Table 3: South Korea Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: South Korea Insurance Overall Written Premium by Segment (KRW Billion), 2011–2016
Table 5: South Korea Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: South Korea Insurance Segmentation (%), 2007–2016
Table 7: Non-Life Insurance Written Premium by Category (KRW Billion), 2007–2011
Table 8: Non-Life Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 9: Non-Life Insurance Written Premium by Category (KRW Billion), 2011–2016
Table 10: Non-Life Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 11: Non-Life Insurance Market – Incurred Loss (KRW Billion), 2007–2011
Table 12: Non-Life Insurance Market – Incurred Loss (KRW Billion), 2011–2016
Table 13: Non-Life Insurance Market – Loss Ratio (%), 2007–2011
Table 14: Non-Life Insurance Market – Loss Ratio (%), 2011–2016
Table 15: Non-Life Insurance Market – Commissions and Expenses (KRW Billion), 2007–2011
Table 16: Non-Life Insurance Market – Commissions and Expenses (KRW Billion), 2011–2016
Table 17: Non-Life Insurance Market – Combined Ratio (%), 2007–2011
Table 18: Non-Life Insurance Market – Combined Ratio (%), 2011–2016
Table 19: Non-Life Insurance Market – Frauds and Crimes (KRW Billion), 2007–2011
Table 20: Non-Life Insurance Market – Frauds and Crimes (KRW Billion), 2011–2016
Table 21: Non-Life Insurance Market – Total Assets (KRW Billion), 2007–2011
Table 22: Non-Life Insurance Market – Total Assets (KRW Billion), 2011–2016
Table 23: Non-Life Insurance Market – Total Investment Income (KRW Billion), 2007–2011
Table 24: Non-Life Insurance Market – Total Investment Income (KRW Billion), 2011–2016
Table 25: Non-Life Insurance Market – Retentions (KRW Billion), 2007–2011
Table 26: Non-Life Insurance Market – Retentions (KRW Billion), 2011–2016
Table 27: Property Insurance Written Premium by Sub-Category (KRW Billion), 2007–2011
Table 28: Property Insurance Written Premium by Sub-Category (US$ Billion), 2007–2011
Table 29: Property Insurance Written Premium by Sub-Category (KRW Billion), 2011–2016
Table 30: Property Insurance Written Premium by Sub-Category (US$ Billion), 2011–2016
Table 31: Fire and Allied Perils Insurance Sub-Category by Volume (‘000), 2007–2011
Table 32: Fire and Allied Perils Insurance Sub-Category by Volume (‘000), 2011–2016
Table 33: Fire and Allied Perils Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Table 34: Fire and Allied Perils Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Table 35: Engineering Insurance Sub-Category by Volume (‘000), 2007–2011
Table 36: Engineering Insurance Sub-Category by Volume (‘000), 2011–2016
Table 37: Engineering Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Table 38: Engineering Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Table 39: Agriculture Insurance Sub-Category by Volume (‘000), 2007–2011
Table 40: Agriculture Insurance Sub-Category by Volume (‘000), 2011–2016
Table 41: Agriculture Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Table 42: Agriculture Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Table 43: Other Property Insurance Sub-Category by Volume (‘000), 2007–2011
Table 44: Other Property Insurance Sub-Category by Volume (‘000), 2011–2016
Table 45: Other Property Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Table 46: Other Property Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Table 47: Motor Insurance Written Premium by Sub-Category (KRW Billion), 2007–2011
Table 48: Motor Insurance Written Premium by Sub-Category (US$ Billion), 2007–2011
Table 49: Motor Insurance Written Premium by Sub-Category (KRW Billion), 2011–2016
Table 50: Motor Insurance Written Premium by Sub-Category (US$ Billion), 2011–2016
Table 51: Motor Hull Insurance Sub-Category by Volume (‘000), 2007–2011
Table 52: Motor Hull Insurance Sub-Category by Volume (‘000), 2011–2016
Table 53: Motor Hull Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Table 54: Motor Hull Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Table 55: Motor Third-Party Insurance Sub-Category by Volume (‘000), 2007–2011
Table 56: Motor Third-Party Insurance Sub-Category by Volume (‘000), 2011–2016
Table 57: Motor Third-Party Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Table 58: Motor Third-Party Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Table 59: General Third-Party Insurance Category by Volume (‘000), 2007–2011
Table 60: General Third-Party Insurance Category by Volume (‘000), 2011–2016
Table 61: General Third-Party Insurance Category by Written Premium (KRW Billion), 2007–2011
Table 62: General Third-Party Insurance Category by Written Premium (KRW Billion), 2011–2016
Table 63: Marine, Aviation and Transit Insurance Written Premium by Sub-Category (KRW Billion), 2007–2011
Table 64: Marine, Aviation and Transit Insurance Written Premium by Sub-Category (US$ Billion), 2007–2011
Table 65: Marine, Aviation and Transit Insurance Written Premium by Sub-Category (KRW Billion), 2011–2016
Table 66: Marine, Aviation and Transit Insurance Written Premium by Sub-Category (US$ Billion), 2011–2016
Table 67: Marine Insurance Sub-Category by Volume (‘000), 2007–2011
Table 68: Marine Insurance Sub-Category by Volume (‘000), 2011–2016
Table 69: Marine Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Table 70: Marine Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Table 71: Aviation Insurance Sub-Category by Volume (‘000), 2007–2011
Table 72: Aviation Insurance Sub-Category by Volume (‘000), 2011–2016
Table 73: Aviation Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Table 74: Aviation Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Table 75: Transit Insurance Sub-Category by Volume (‘000), 2007–2011
Table 76: Transit Insurance Sub-Category by Volume (‘000), 2011–2016
Table 77: Transit Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Table 78: Transit Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Table 79: Non-Life Insurance Market – Direct Marketing Commission Paid (KRW Billion), 2007–2011
Table 80: Non-Life Insurance Market – Direct Marketing Commission Paid (KRW Billion), 2011–2016
Table 81: Non-Life Insurance Market – Written Premium Through Direct Marketing (KRW Billion), 2007–2011
Table 82: Non-Life Insurance Market – Written Premium Through Direct Marketing (KRW Billion), 2011–2016
Table 83: Non-Life Insurance Market – Policies Sold Through Direct Marketing (’000), 2007–2011
Table 84: Non-Life Insurance Market – Policies Sold Through Direct Marketing (’000), 2011–2016
Table 85: Non-Life Insurance Market – Number of Direct Marketing Distributors, 2007–2011
Table 86: Non-Life Insurance Market – Number of Direct Marketing Distributors, 2011–2016
Table 87: Non-Life Insurance Market – Bancassurance Commission Paid (KRW Billion), 2007–2011
Table 88: Non-Life Insurance Market – Bancassurance Commission Paid (KRW Billion), 2011–2016
Table 89: Non-Life Insurance Market – Written Premium Through Bancassurance (KRW Billion), 2007–2011
Table 90: Non-Life Insurance Market – Written Premium Through Bancassurance (KRW Billion), 2011–2016
Table 91: Non-Life Insurance Market – Policies Sold Through Bancassurance (‘000), 2007–2011
Table 92: Non-Life Insurance Market – Policies Sold Through Bancassurance (‘000), 2011–2016
Table 93: Non-Life Insurance Market – Number of Bancassurance Distributors, 2007–2011
Table 94: Non-Life Insurance Market – Number of Bancassurance Distributors, 2011–2016
Table 95: Non-Life Insurance Market – Agencies Commission Paid (KRW Billion), 2007–2011
Table 96: Non-Life Insurance Market – Agencies Commission Paid (KRW Billion), 2011–2016
Table 97: Non-Life Insurance Market – Written Premium Through Agencies (KRW Billion), 2007–2011
Table 98: Non-Life Insurance Market – Written Premium Through Agencies (KRW Billion), 2011–2016
Table 99: Non-Life Insurance Market – Policies Sold Through Agencies (‘000), 2007–2011
Table 100: Non-Life Insurance Market – Policies Sold Through Agencies (‘000), 2011–2016
Table 101: Non-Life Insurance Market – Number of Agencies, 2007–2011
Table 102: Non-Life Insurance Market – Number of Agencies, 2011–2016
Table 103: Non-Life Insurance Market – Commission Paid to Other Channels (KRW Billion), 2007–2011
Table 104: Non-Life Insurance Market – Commission Paid to Other Channels (KRW Billion), 2011–2016
Table 105: Non-Life Insurance Market – Written Premium Through Other Channels (KRW Billion), 2007–2011
Table 106: Non-Life Insurance Market – Written Premium Through Other Channels (KRW Billion), 2011–2016
Table 107: Non-Life Insurance Market – Policies Sold Through Other Channels (‘000), 2007–2011
Table 108: Non-Life Insurance Market – Policies Sold Through Other Channels (‘000), 2011–2016
Table 109: Non-Life Insurance Market – Number of Distributors in Other Channels, 2007–2011
Table 110: Non-Life Insurance Market – Number of Distributors in Other Channels, 2011–2016
List of Figures
Figure 1: South Korea Insurance Overall Written Premium by Segment (KRW Billion), 2007–2016
Figure 2: South Korea Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Non-Life Insurance Written Premium by Category (KRW Billion), 2007–2016
Figure 4: Non-Life Insurance Written Premium by Category (% Share), 2011 and 2016
Figure 5: Non-Life Insurance Market Dynamics by Category, 2007–2016
Figure 6: Non-Life Insurance Market – Incurred Loss (KRW Billion), 2007–2011
Figure 7: Non-Life Insurance Market – Incurred Loss (KRW Billion), 2011–2016
Figure 8: Non-Life Insurance Market – Loss Ratio (%), 2007–2011
Figure 9: Non-Life Insurance Market – Loss Ratio (%), 2011–2016
Figure 10: Non-Life Insurance Market – Commissions and Expenses (KRW Billion), 2007–2011
Figure 11: Non-Life Insurance Market – Commissions and Expenses (KRW Billion), 2011–2016
Figure 12: Non-Life Insurance Market – Combined Ratio (%), 2007–2011
Figure 13: Non-Life Insurance Market – Combined Ratio (%), 2011–2016
Figure 14: Non-Life Insurance Market – Frauds and Crimes (KRW Billion), 2007–2011
Figure 15: Non-Life Insurance Market – Frauds and Crimes (KRW Billion), 2011–2016
Figure 16: Non-Life Insurance Market – Total Assets (KRW Billion), 2007–2011
Figure 17: Non-Life Insurance Market – Total Assets (KRW Billion), 2011–2016
Figure 18: Non-Life Insurance Market – Total Investment Income (KRW Billion), 2007–2011
Figure 19: Non-Life Insurance Market – Total Investment Income (KRW Billion), 2011–2016
Figure 20: Non-Life Insurance Market – Retentions (KRW Billion), 2007–2011
Figure 21: Non-Life Insurance Market – Retentions (KRW Billion), 2011–2016
Figure 22: Non-Life Insurance Market – Investment Type (KRW Billion), 2007–2011
Figure 23: Non-Life Insurance Market – Investment Type, 2007 and 2011
Figure 24: Non-Life Insurance Market – Density and Penetration (%), 2007–2011
Figure 25: Non-Life Insurance Market – Number of Policies Sold (‘000), 2007–2011
Figure 26: Non-Life Insurance Market – Number of Policies Sold (’000), 2011–2016
Figure 27: Non-Life Insurance Market – Premium Per Capita (KRW), 2007–2011
Figure 28: Property Insurance Written Premium (KRW Billion) by Sub-Category, 2007–2016
Figure 29: Property Insurance Market Dynamics, by Sub-Category, 2007–2016
Figure 30: Fire and Allied Perils Insurance Sub-Category by Volume (‘000), 2007–2011
Figure 31: Fire and Allied Perils Insurance Sub-Category by Volume (‘000), 2011–2016
Figure 32: Fire and Allied Perils Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Figure 33: Fire and Allied Perils Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Figure 34: Engineering Insurance Sub-Category by Volume (‘000), 2007–2011
Figure 35: Engineering Insurance Sub-Category by Volume (‘000), 2011–2016
Figure 36: Engineering Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Figure 37: Engineering Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Figure 38: Agriculture Insurance Sub-Category by Volume (‘000), 2007–2011
Figure 39: Agriculture Insurance Sub-Category by Volume (‘000), 2011–2016
Figure 40: Agriculture Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Figure 41: Agriculture Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Figure 42: Other Property Insurance Sub-Category by Volume (‘000), 2007–2011
Figure 43: Other Property Insurance Sub-Category by Volume (‘000), 2011–2016
Figure 44: Other Property Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Figure 45: Other Property Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Figure 46: Motor Insurance Written Premium by Sub-Category (KRW Billion), 2007–2016
Figure 47: Motor Insurance Market Dynamics by Sub-Category, 2007–2016
Figure 48: Motor Hull Insurance Sub-Category by Volume (‘000), 2007–2011
Figure 49: Motor Hull Insurance Sub-Category by Volume (‘000), 2011–2016
Figure 50: Motor Hull Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Figure 51: Motor Hull Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Figure 52: Motor Third-Party Insurance Sub-Category by Volume (‘000), 2007–2011
Figure 53: Motor Third-Party Insurance Sub-Category by Volume (‘000), 2011–2016
Figure 54: Motor Third-Party Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Figure 55: Motor Third-Party Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Figure 56: General Third-Party Insurance Category by Volume (‘000), 2007–2011
Figure 57: General Third-Party Insurance Category by Volume (‘000), 2011–2016
Figure 58: General Third-Party Insurance Category by Written Premium (KRW Billion), 2007–2011
Figure 59: General Third-Party Insurance Category by Written Premium (KRW Billion), 2011–2016
Figure 60: Marine, Aviation and Transit Insurance Written Premium (KRW Billion), by Sub-Category, 2007–2016
Figure 61: Marine, Aviation and Transit Insurance Market Dynamics by Sub-Category, 2007–2016
Figure 62: Marine Insurance Sub-Category by Volume (‘000), 2007–2011
Figure 63: Marine Insurance Sub-Category by Volume (‘000), 2011–2016
Figure 64: Marine Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Figure 65: Marine Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Figure 66: Aviation Insurance Sub-Category by Volume (‘000), 2007–2011
Figure 67: Aviation Insurance Sub-Category by Volume (‘000), 2011–2016
Figure 68: Aviation Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Figure 69: Aviation Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Figure 70: Transit Insurance Sub-Category by Volume (‘000), 2007–2011
Figure 71: Transit Insurance Sub-Category by Volume (‘000), 2011–2016
Figure 72: Transit Insurance Sub-Category by Written Premium (KRW Billion), 2007–2011
Figure 73: Transit Insurance Sub-Category by Written Premium (KRW Billion), 2011–2016
Figure 74: Non-Life Insurance New Business Written Premium – Market Shares by Distribution Channel, 2011 and 2016
Figure 75: Non-Life Insurance Market – Direct Marketing Commission Paid (KRW Billion), 2007–2011
Figure 76: Non-Life Insurance Market – Direct Marketing Commission Paid (KRW Billion), 2011–2016
Figure 77: Non-Life Insurance Market – Written Premium Through Direct Marketing (KRW Billion), 2007–2011
Figure 78: Non-Life Insurance Market – Written Premium Through Direct Marketing (KRW Billion), 2011–2016
Figure 79: Non-Life Insurance Market – Policies Sold Through Direct Marketing (’000), 2007–2011
Figure 80: Non-Life Insurance Market – Policies Sold Through Direct Marketing (’000), 2011–2016
Figure 81: Non-Life Insurance Market – Number of Direct Marketing Distributors 2007–2011
Figure 82: Non-Life Insurance Market – Number of Direct Marketing Distributors, 2011–2016
Figure 83: Non-Life Insurance Market – Bancassurance Commission Paid (KRW Billion), 2007–2011
Figure 84: Non-Life Insurance Market – Bancassurance Commission Paid (KRW Billion), 2011–2016
Figure 85: Non-Life Insurance Market – Written Premium Through Bancassurance (KRW Billion), 2007–2011
Figure 86: Non-Life Insurance Market – Written Premium Through Bancassurance (KRW Billion), 2011–2016
Figure 87: Non-Life Insurance Market – Policies Sold Through Bancassurance (‘000), 2007–2011
Figure 88: Non-Life Insurance Market – Policies Sold Through Bancassurance (‘000), 2011–2016
Figure 89: Non-Life Insurance Market – Number of Bancassurance Distributors, 2007–2011
Figure 90: Non-Life Insurance Market – Number of Bancassurance Distributors, 2011–2016
Figure 91: Non-Life Insurance Market – Agencies Commission Paid (KRW Billion), 2007–2011
Figure 92: Non-Life Insurance Market – Agencies Commission Paid (KRW Billion), 2011–2016
Figure 93: Non-Life Insurance Market – Written Premium Through Agencies (KRW Billion), 2007–2011
Figure 94: Non-Life Insurance Market – Written Premium Through Agencies (KRW Billion), 2011–2016
Figure 95: Non-Life Insurance Market – Policies Sold Through Agencies (‘000), 2007–2011
Figure 96: Non-Life Insurance Market – Policies Sold Through Agencies (‘000), 2011–2016
Figure 97: Non-Life Insurance Market – Number of Agencies, 2007–2011
Figure 98: Non-Life Insurance Market – Number of Agencies, 2011–2016
Figure 99: Non-Life Insurance Market – Commission Paid to Other Channels (KRW Billion), 2007–2011
Figure 100: Non-Life Insurance Market – Commission Paid to Other Channels (KRW Billion), 2011–2016
Figure 101: Non-Life Insurance Market – Written Premium Through Other Channels (KRW Billion), 2007–2011
Figure 102: Non-Life Insurance Market – Written Premium Through Other Channels (KRW Billion), 2011–2016
Figure 103: Non-Life Insurance Market – Policies Sold Through Other Channels (‘000), 2007–2011
Figure 104: Non-Life Insurance Market – Policies Sold Through Other Channels (‘000), 2011–2016
Figure 105: Non-Life Insurance Market – Number of Distributors in Other Channels, 2007–2011
Figure 106: Non-Life Insurance Market – Number of Distributors in Other Channels, 2011–2016
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