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South Korea Life Insurance Market to 2027

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    Report

  • 45 Pages
  • November 2023
  • Region: South Korea
  • MarketLine
  • ID: 5927667
Description Jump to:
Life Insurance in South Korea industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

  • The market is segmented into Life Insurance and Pension/Annuity.
  • The South Korean life insurance market had total gross written premiums of $89.2 billion in 2022, representing a compound annual growth rate (CAGR) of 0.2% between 2017 and 2022.
  • The life insurance segment accounted for the market's largest proportion in 2022, with total gross written premiums of $67.9 billion, equivalent to 76.1% of the market's overall value.
  • Life insurance coverage in the South Korean population is moderate. According to in-house research, in 2022, life insurance penetration (ratio of premiums to GDP) in South Korea was 5.5%.

Scope

  • Save time carrying out entry-level research by identifying the size, growth, and leading players in the life insurance market in South Korea
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in South Korea
  • Leading company profiles reveal details of key life insurance market players’ global operations and financial performance
  • Add weight to presentations and pitches by understanding the future growth prospects of the South Korea life insurance market with five year forecasts by both value and volume

Reasons to Buy

  • What was the size of the South Korea life insurance market by value in 2022?
  • What will be the size of the South Korea life insurance market in 2027?
  • What factors are affecting the strength of competition in the South Korea life insurance market?
  • How has the market performed over the last five years?
  • Who are the top competitors in South Korea's life insurance market?

Table of Contents

1 Executive Summary
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive landscape
2 Market Overview
2.1. Market definition
2.2. Market analysis
3 Market Data
3.1. Market value
4 Market Segmentation
4.1. Category segmentation
4.2. Geography segmentation
5 Market Outlook
5.1. Market value forecast
6 Five Forces Analysis
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 Competitive Landscape
7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do the leading players follow?
7.4. What are the strengths of the leading players?
8 Company Profiles
8.1. Hanwha Life Insurance Co Ltd
8.2. Kyobo Life Insurance Co Ltd
8.3. Samsung Life Insurance Co Ltd
8.4. Mirae Asset Life Insurance Co Ltd
9 Macroeconomic Indicators
9.1. Country data
10 Appendix
10.1. Methodology
10.2. Industry associations
10.3. Related research
10.4. About the Publisher
List of Tables
Table 1: South Korea life insurance market value: $ billion, 2017-22
Table 2: South Korea life insurance market category segmentation: % share, by value, 2017-2022
Table 3: South Korea life insurance market category segmentation: $ billion, 2017-2022
Table 4: South Korea life insurance market geography segmentation: $ billion, 2022
Table 5: South Korea life insurance market value forecast: $ billion, 2022-27
Table 6: South Korea life insurance market share: % share, by value, 2022
Table 7: Hanwha Life Insurance Co Ltd: key facts
Table 8: Hanwha Life Insurance Co Ltd: Annual Financial Ratios
Table 9: Hanwha Life Insurance Co Ltd: Key Employees
Table 10: Kyobo Life Insurance Co Ltd: key facts
Table 11: Kyobo Life Insurance Co Ltd: Key Employees
Table 12: Kyobo Life Insurance Co Ltd: Key Employees Continued
Table 13: Samsung Life Insurance Co Ltd: key facts
Table 14: Samsung Life Insurance Co Ltd: Annual Financial Ratios
Table 15: Samsung Life Insurance Co Ltd: Key Employees
Table 16: Mirae Asset Life Insurance Co Ltd: key facts
Table 17: Mirae Asset Life Insurance Co Ltd: Annual Financial Ratios
Table 18: Mirae Asset Life Insurance Co Ltd: Key Employees
Table 19: South Korea size of population (million), 2018-22
Table 20: South Korea gdp (constant 2005 prices, $ billion), 2018-22
Table 21: South Korea gdp (current prices, $ billion), 2018-22
Table 22: South Korea inflation, 2018-22
Table 23: South Korea consumer price index (absolute), 2018-22
Table 24: South Korea exchange rate, 2018-22
List of Figures
Figure 1: South Korea life insurance market value: $ billion, 2017-22
Figure 2: South Korea life insurance market category segmentation: $ billion, 2017-2022
Figure 3: South Korea life insurance market geography segmentation: % share, by value, 2022
Figure 4: South Korea life insurance market value forecast: $ billion, 2022-27
Figure 5: Forces driving competition in the life insurance market in South Korea, 2022
Figure 6: Drivers of buyer power in the life insurance market in South Korea, 2022
Figure 7: Drivers of supplier power in the life insurance market in South Korea, 2022
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in South Korea, 2022
Figure 9: Factors influencing the threat of substitutes in the life insurance market in South Korea, 2022
Figure 10: Drivers of degree of rivalry in the life insurance market in South Korea, 2022
Figure 11: South Korea life insurance market share: % share, by value, 2022

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Hanwha Life Insurance Co Ltd
  • Kyobo Life Insurance Co Ltd
  • Samsung Life Insurance Co Ltd
  • Mirae Asset Life Insurance Co Ltd

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About the Life Insurance Market

The Life Insurance market is a sector of the insurance industry that provides financial protection against the loss of life. It is designed to provide financial security to the policyholder's family or other designated beneficiaries in the event of the policyholder's death. Life insurance policies typically pay out a lump sum or a series of payments to the beneficiaries upon the policyholder's death. Life insurance policies can be tailored to meet the individual needs of the policyholder, such as providing coverage for funeral expenses, medical bills, or other debts. They can also be used to provide financial security for the policyholder's family in the event of their death. Some of the major companies in the Life Insurance market include Allianz, AXA, Prudential, MetLife, and AIG. Show Less Read more

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