South Korea Insurance Market Outlook to 2016 - Driven By Traditional Distribution Channel

  • ID: 2534706
  • Report
  • Region: South Korea
  • 113 Pages
  • Ken Research Private Limited
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FEATURED COMPANIES

  • Dongbu
  • Hanwha Life Insurance
  • Heungkuk Fire & Marine
  • Hyundai Marine & Fire
  • Korea Life
  • Kyobo Life Insurance
  • MORE
The report titled South Korea Insurance Market Outlook to 2016 - Driven By Traditional Distribution Channel provides a comprehensive analysis of market size of the Asia-Pacific insurance industry, market segmentation of Asia-Pacific insurance industry by geography. The report includes market size of the South Korea insurance industry, market segmentation of life and non-life South Korea insurance market and market size and segmentation of various non life segments. The report also provides value chain of South Korea insurance market, competitive landscape and profile of major players operating in the South Korean insurance industry

KEY TOPICS COVERED IN THE REPORT

- The market size of Asia-Pacific insurance industry and the contribution of countries
- The market size of South Korea insurance industry
- The market size of South Korea life and non-life insurance industry
- Market segmentation of life and non-life insurance markets in South Korea
- The market size and segmentation of various non-life insurance market
- Trends and Development of South Korea insurance market
- Competitive Landscape of the major players in life and non-life insurance market
- Competitive Landscape of the major player in various non-life insurance market
- Future outlook and projections for Asia-Pacific and South Korea insurance market
- Future outlook and projections for life and non-life South Korea insurance market
- Microeconomics and industry factors including South Korea population, GDP, health expenditure and number of vehicle, 2005-2016

Products Mentioned:

Direct Premiun Written, Life Insurance, General Account, Individual Insurance, Group Insurance, Separate Account, Retirement Insurance, Corporate Insurance, Vairable Insurance, Non Life Insurance, Distribution channels, Agents, Solicitors, Company Employees, Bank, Broker, Insurance Pools, Long Term Insurance, Automobile Insurance, Casualty Insurance, Guarantee Insurance
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FEATURED COMPANIES

  • Dongbu
  • Hanwha Life Insurance
  • Heungkuk Fire & Marine
  • Hyundai Marine & Fire
  • Korea Life
  • Kyobo Life Insurance
  • MORE
1. Asia-Pacific Insurance Industry

1.1. Industry Introduction

1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P

1.3. Asia-Pacific Insurance Market Segmentation

1.3.1. By Geography, 2005-2012P

1.3.2. By Life and Non Life, 2005-2012P

1. South Korea Insurance Industry

1.1. South Korea Insurance Value Chain

1.2. South Korea Insurance Market Size by Direct Written Premium, FY’2005-FY’2012P

2. South Korea Insurance Government Regulations

3. South Korea Life Insurance Market

3.1. South Korea Life Insurance Market Size, FY’2005-FY’2012P

3.2. Life Insurance Segmentation, FY’2005-FY’2012P

3.3. Market Share of Domestic and Foreign Insurers in Life Insurance Industry in South Korea, FY’2011

3.4. South Korea Life Insurance Market Future Outlook and Projection, FY’2013-FY’2016

4. South Korea Non-Life Insurance Market

4.1. South Korea Non-Life Insurance Market Size, FY’2005-FY’2012P

4.2. South Korea Non Life Distribution Channel, FY’ 2005-FY’2011

4.3. Market Share of Major Non Life Insurers in South Korea, FY’2011

5. Non-Life Insurance Segmentation, FY’2005-FY’2012P

5.1. South Korea Long Term Insurance Industry

5.1.1. South Korea Long Term Insurance Market Size, FY’2005-FY’2012P

5.1.2. Long Term Insurance Segmentation, FY’2005-FY’2012P

5.1.3. South Korea Long Term insurance Claim Paid, FY’2005-FY’2011 4
5.1.4. Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry in South Korea, FY’2011

5.2. South Korea Long Term insurance Market Future Outlook and Projection, FY’2013-FY’2016

5.3. South Korea Automobile Insurance Industry

5.3.1. South Korea Automobile Insurance Market Size, FY’2005-FY’2012P

5.3.2. Automobile Insurance Segmentation, FY’2005-FY’2012P

5.3.3. South Korea Automobile insurance Claim Paid, FY’2005-FY’2011

5.3.4. Market Share of Domestic and Foreign Insuerers in Automobile Insurance Industry in South Korea, FY’2011

5.3.5. South Korea Automobile insurance Market Future Outlook and Projection, Fy’2013-FY’2016

5.4. South Korea Casualty Insurance Industry

5.4.1. South Korea Casualty Insurance Market Size, FY’2005-FY’2012P

5.4.2. South Korea Casualty insurance Claim Paid, FY’2005-FY’2012P

5.4.3. Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry in South Korea, FY’2011

5.4.4. South Korea Casualty insurance Market Future Outlook and Projection, FY’2013-FY’2016

5.5. South Korea Guarantee Insurance Industry

5.5.1. South Korea Guarantee Insurance Market Size, FY’2005-FY’2012P

5.5.2. South Korea Guarantee insurance Claim Paid, FY’2005-FY’2011

5.5.3. Market Share of Domestic and Foreign Insurers in Guarantee Insurance Industry in South Korea, FY’2011

5.5.4. South Korea Guarantee insurance Market Future Outlook and Projection, FY’2013-FY’2016

5.6. South Korea Marine Insurance Industry

5.6.1. South Korea Marine Insurance Market Size, FY’2005-FY’2012P

5.6.2. South Korea Marine insurance Claim Paid, FY’2005-FY’2011

5.6.3. Market Share of Domestic and Foreign Insurers in Marine Insurance Industry in South Korea, FY’2011

5.6.4. South Korea Marine insurance Market Future Outlook and Projection, FY’2013-FY’2016
5.7. South Korea Fire Insurance Industry

5.7.1. South Korea Fire Insurance Market Size, FY’2005-FY’2012P

5.7.2. South Korea Fire insurance Claim Paid, FY’2005-FY’2011

5.7.3. Market Share of Domestic and Foreign Insurers in Fire Insurance Industry in South Korea, FY’2011

5.7.4. South Korea Fire insurance Market Future Outlook and Projection, FY’2013-FY’2016

6. South Korea Non-Life Insurance Market Future Outlook and Projection, FY’2013-FY’2016

7. South Korea Insurance Industry Trends and Developments

Emergence of New Distribution Channel

Rising Merger, Acquisitions and Joint Venture

Rising Ageing Population

Increasing Cyber Risk Insurance Need

8. Asia-Pacific Insurance Industry Future Outlook

8.1. Asia-Pacific Insurance Industry Future Projections

8.1.1. By Geography, 2013-2016

9. South Korea Insurance Industry Future Outlook and Projections, FY’2013-FY’2016

9.1. Cause and Effect Relationship Between Dependent and Independent Factors Prevailing in South Korea Insurance Market

10. Company Profile of Major Players in South Korea Life Insurance Industry
10.1. Samsung Life

10.1.1. Company Profile

10.1.2. Business Strategies

10.1.3. Financial Performance

10.2. Hanwha Life

10.2.1. Company Profile

10.2.2. Business Strategies

10.3. Kyobo Life

10.3.1. Company Profile

10.3.2. Business Strategies

10.3.3. Financial Performance

11. Company Profile of Major Players in South Korea Non-Life Insurance Industry

11.1. Hyundai Marine and Fire Insurance

11.1.1. Company Profile

11.1.2. Business Strategies

11.1.3. Financial Performance

11.2. LIG Insurance

11.2.1. Company Profile

11.2.2. Business Strategies

11.2.3. Financial Performance

12. South Korea Insurance Industry Macro-Economic Indicators: Historical and Projections

12.1. South Korea Population, 2005-2016

12.2. GDP of South Korea, 2005-2016

12.3. Healthcare Expenditure of South Korea, 2005-2016

12.4. Total Vehicle Production in South Korea, 2005-2016

13. Appendix

13.1. Market Definitions

13.2. Abbreviations

13.3. Research Methodology

Data Collection Methods

Approach

Variables (Dependent and Independent)

Multi Factor Based Sensitivity Model

Final Conclusion

13.4. Disclaimer

LIST OF FIGURES

Figure 1: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P

Figure 2: Asia-Pacific Insurance Market Segmentation by Life and non Life on the Basis of Direct Written Premium in Percentage, 2005-2012P

Figure 3: Insurance Value Chain

Figure 4: South Korea Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P

Figure 5: South Korea Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P

Figure 6: South Korea life Insurance Market Segmentation by General and Separate Account on the Basis of Direct Written Premium in Percentage, FY’2005-FY’2012P

Figure 7: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basis of Direct Written Premium in Percentage, FY’2011
Figure 8: South Korea Life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY’2013-FY’2016

Figure 9: South Korea Non Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P

Figure 10: South Korea Non life Insurance Distribution Channel by Agents, Solicitors, Company Employees, Bank, Broker and Insurance Pools on the Basis of Direct Written Premium in Percentage, FY’2005-FY’2011

Figure 11: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of Direct Written Premium in Percentage, FY’2011

Figure 12: South Korea Non life Insurance Market Segmentation by Long Term, Automobile, Casualty, Guarantee, Marine, Fire and others on the Basis of Direct Written Premium in Percentage, FY’2005-FY’2012P

Figure 13: South Korea Long Term Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P

Figure 14: South Korea Long Term Insurance Market Segmentation by Personal Accident, Health, Property and Others on the Basis of Direct Written Premium in Percentage, FY’2005-FY’2012P

Figure 15: South Korea Long Term Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011

Figure 16: Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry on the Basis of Direct Written Premium in Percentage, FY’2011

Figure 17: South Korea Automobile Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P

Figure 18: South Korea Automobile Insurance Market Segmentation by Voluntary and Compulsory Auto Liability Insurance on the Basis of Direct Written Premium in Percentage, 2005-2012P

Figure 19: South Korea Automobile Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011

Figure 20: Market Share of Domestic and Foreign Insurers in Automobile Insurance Industry on the Basis of Direct Written Premium in Percentage, FY’2011

Figure 21: South Korea Casualty Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P

Figure 22: South Korea Casualty Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011

Figure 23: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the Basis of Direct Written Premium in Percentage, FY’2011

Figure 24: South Korea Casualty Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY’2013-FY’2016

Figure 25: South Korea Guarantee Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P

Figure 26: South Korea Guarantee Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011

Figure 27: Market Share of Domestic and Foreign Insurers in Guarantee Insurance Industry on the Basis of Direct Written Premium in Percentage, FY’2011

Figure 28: South Korea Guarantee Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY’2013-FY’2016

Figure 29: South Korea Marine Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012

Figure 30: South Korea Marine Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011

Figure 31: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on the Basis of Direct Written Premium in Percentage, FY’2011

Figure 32: South Korea Marine Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY’2013-FY’2016

Figure 33: South Korea Fire Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P

Figure 34: South Korea Fire Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011

Figure 35: Market Share of Domestic and Foreign Insurers in Fire Insurance Industry on the Basis of Direct Written Premium in Percentage, FY’2011

Figure 36: South Korea Fire Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY’2013-FY’2016

Figure 37: South Korea Non life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY’2013-FY’2016

Figure 38: South Korea Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY’2013-FY’2016

Figure 39: South Korea Life Insurance Premium Income of Samsung Life in USD Million, FY’2005-FY’2011

Figure 40: South Korea Life Insurance Premium Income of Kyobo Life in USD Million, FY’2006-FY’2011

Figure 41: South Korea Non-Life Insurance Direct Written Premium of Hyundai Marine and Fire Insurance in USD Million, FY’2005-FY’2011

Figure 42: South Korea Non-Life Insurance Direct Written Premium of LIG Insurance in USD Million, FY’2007-FY’2012

Figure 43: South Korea Population in Million, 2005-2016

Figure 44: GDP of South Korea in USD Million, 2005-2016

Figure 45: Healthcare Expenditure of South Korea in USD Million, 2005-2016

Figure 46: Total Vehicle Production in South Korea in Million, 2005-2016

LIST OF TABLES

Table 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct Written Premium in USD Billion, 2005-2012P

Table 2: Asia-Pacific Insurance Market Segmentation by Life and Non Life on the Basis of Direct Written Premium in USD Billion, 2005-2012P

Table 2: South Korea life Insurance Market Segmentation by General and Separate Account on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P

Table 3: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basis of Direct Written Premium in USD Million, FY’2011

Table 4: South Korea Non life Insurance Market Segmentation by Agents, Direct Sales and Broker on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011

Table 5: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of Direct Written Premium in USD Million, FY’2011

Table 6: South Korea Long Term Insurance Market Segmentation by Personal Accident, Health, Property and Others on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P

Table 7: Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry on the Basis of Direct Written Premium in USD Million, FY’2011

Table 8: South Korea Long Term Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY’2013-FY’2016

Table 9: South Korea Automobile Insurance Market Segmentation by Voluntary and Compulsory Auto Liability Insurance on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P

Table 10: Market Share of Domestic and Foreign Insurers in Automobile Insurance Industry on the Basis of Direct Written Premium in USD Million, FY’2011 5
Table 11: South Korea Automobile Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY’2013-FY’2016

Table 12: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the Basis of Direct Written Premium in USD Million, FY’2011

Table 13: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the Basis of Direct Written Premium in USD Million, FY’2011

Table 14: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on the Basis of Direct Written Premium in USD Million, FY’2011

Table 15: Market Share of Domestic and Foreign Insurers in Fire Insurance Industry on the Basis of Direct Written Premium in USD Million, FY’2011

Table 16: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, 2013-2016

Table 17: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of South Korea Insurance Market

Table 18: Correlation Matrix of the South Korea Insurance Industry

Table 19: Regression Coefficients Output of South Korea Insurance Industry
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FEATURED COMPANIES

  • Dongbu
  • Hanwha Life Insurance
  • Heungkuk Fire & Marine
  • Hyundai Marine & Fire
  • Korea Life
  • Kyobo Life Insurance
  • MORE
The report titled “South Korea Insurance Market Outlook to 2016 - Driven By Traditional Distribution Channel” provides a comprehensive analysis of market size of Asia-Pacific insurance industry, market segmentation of Asia-Pacific insurance industry by geography. The report includes market size of South Korea insurance industry, market segmentation of life and non-life South Korea insurance market and market size and segmentation of various non life segments. The report also provides value chain of South Korea insurance market, competitive landscape and profile of major players operating in the South Korean insurance industry.

The South Korean insurance market is one of the largest insurance industries in the world. The insurance market in the country has experienced a growth of ~% from USD ~ million in FY’2010 to USD ~ million in FY’2011. The growth in the market is due to the regulatory development, government support, economic growth and rising income level to become the 8th largest insurance market globally in terms of direct written premium.

The life insurance market in the country has witnessed a compound annual growth rate of 6.0% in the last seven years and has recorded direct written premium of USD ~ million in FY’2012. The life insurance industry in South Korea has experienced growth in the areas of annuities and endowment insurance. In 2011, the life insurance market has observed a growth of ~% on account of an increase in qualified tax benefit annuities by ~%, non qualified tax benefit annuities by ~% and interest-sensitive endowment insurance by ~%.

In FY’2011 the total life insurance claim paid were KRW ~ billion, representing an increase of ~% from the previous year. The benefits paid for death, accident, maturity and retirement were KRW ~ trillion which was up by ~% from FY’2010. The amount paid for maturity was KRW ~ billion while for death and retirement were KRW ~ billion and KRW ~ billion respectively in FY’2011.

In FY’2011, there are ~ non life insurance companies conducting business in the South Korean market which includes ~ domestic general insurers and ~ foreign general insurance companies. The domestic insurance companies includes ~ general insurers conducting direct insurance business, ~ reinsurer, ~ mono-line guarantee insurer and ~ mono-line automobile insurer.

The long term insurance segment is the leading contributor in non life insurance market of country with the direct written premium of USD ~ million in FY’2011. The long term insurance industry has witnessed compound annual growth rate of ~% in the last seven years due to an incline in the sales of saving type insurance products and the surging demand for accident, property and health insurance in the country.

The South Korean auto insurance industry has always been an important part of its overall insurance business. The amount of direct written premium in South Korea automobile insurance industry has grown at a CAGR of 4.5% in the last seven years. The industry has recorded direct written premium of USD ~ million in FY’2011 with a growth of ~% from the previous year. The growth in the market is influenced by an increase in the number of newly registered vehicles, country’s income and the taste toward luxury cars.
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- Dongbu
- Hanwha Life Insurance
- Heungkuk Fire & Marine
- Hyundai Marine & Fire
- Korea Life
- Kyobo Life Insurance
- LIG Insurance
- Meritz Fire & Marine
- Samsung Fire & Marine Insurance
- Samsung Life Insurance
- The Seoul Guarantee Insurance Company
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