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South Korea Non-Life Insurance Market Summary, Competitive Analysis and Forecast to 2027

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    Report

  • 47 Pages
  • February 2023
  • Region: South Korea
  • MarketLine
  • ID: 5785933
Non-Life Insurance in South Korea industry profile provides top-line qualitative and quantitative summary information including: 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 non-life insurance market consists of the general insurance market segmented into motor, property, liability and other insurance. The other segment is made up of non-life insurance products including health, travel, and accident cover among others. The value of the non-life insurance market is shown in terms of gross premium incomes. Gross premium income is defined as the insurer’s premium income for the year from its policies, calculated without reduction for reinsurance premiums paid or payable by the insurer.
  • The South Korean non-life insurance market had total gross written premiums of $99.7 million in 2022, representing a compound annual growth rate (CAGR) of 5.5% between 2017 and 2022.
  • The Property segment accounted for market's the largest proportion in 2022, with total gross written premiums of $40.1 million, equivalent to 40.2% of the market's overall value.
  • South Korea’s non-life insurance industry registered moderate premium growth of 4% in 2021, with gross premium written of $72.1 billion. The industry is still under pressure owing to elevated medical claims in the long-term insurance segment, driven by an increase in moral hazard and over-treatment by clinics and hospitals in recent years. The performance of the market is forecast to accelerate, with an anticipated CAGR of 7.7% for the five-year period 2022 - 2027, which is expected to drive the market to a value of $144.7million by the end of 2027.

Scope

  • Save time carrying out entry-level research by identifying the size, growth, and leading players in the non-life insurance market in South Korea
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in South Korea
  • Leading company profiles reveal details of key non-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 non-life insurance market with five year forecasts by both value and volume

Reasons to Buy

  • What was the size of the South Korea non-life insurance market by value in 2022?
  • What will be the size of the South Korea non-life insurance market in 2027?
  • What factors are affecting the strength of competition in the South Korea non-life insurance market?
  • How has the market performed over the last five years?
  • How large is South Korea’s non-life insurance market in relation to its regional counterparts?
Frequently Asked Questions about the South Korean Non-Life Insurance Market

What is the estimated value of the South Korean Non-Life Insurance Market?

The South Korean Non-Life Insurance Market was estimated to be valued at $99.74 Billion in 2022.

What is the growth rate of the South Korean Non-Life Insurance Market?

The growth rate of the South Korean Non-Life Insurance Market is 7.7%, with an estimated value of $144.66 Billion by 2027.

What is the forecasted size of the South Korean Non-Life Insurance Market?

The South Korean Non-Life Insurance Market is estimated to be worth $144.66 Billion by 2027.

Who are the key companies in the South Korean Non-Life Insurance Market?

Key companies in the South Korean Non-Life Insurance Market include DB Insurance Co Ltd, Hyundai Marine & Fire Insurance Co Ltd, KB Financial Group Inc and Samsung Fire & Marine Insurance Co Ltd.

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 leading players follow?
7.4. What has been the rationale behind recent M&A activity?
7.5. How has the COVID-19 outbreak impacted the market?
8 Company Profiles
8.1. DB Insurance Co Ltd
8.2. Hyundai Marine & Fire Insurance Co Ltd
8.3. KB Financial Group Inc
8.4. Samsung Fire & Marine 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 non-life insurance market value: $ billion, 2017-22(e)
Table 2: South Korea non-life insurance market category segmentation: % share, by value, 2017-2022(e)
Table 3: South Korea non-life insurance market category segmentation: $ billion, 2017-2022
Table 4: South Korea non-life insurance market geography segmentation: $ billion, 2022(e)
Table 5: South Korea non-life insurance market value forecast: $ billion, 2022-27
Table 6: South Korea non-life insurance market share: % share, by value, 2022(e)
Table 7: DB Insurance Co Ltd: key facts
Table 8: DB Insurance Co Ltd: Annual Financial Ratios
Table 9: DB Insurance Co Ltd: Key Employees
Table 10: Hyundai Marine & Fire Insurance Co Ltd: key facts
Table 11: Hyundai Marine & Fire Insurance Co Ltd: Annual Financial Ratios
Table 12: Hyundai Marine & Fire Insurance Co Ltd: Key Employees
Table 13: Hyundai Marine & Fire Insurance Co Ltd: Key Employees Continued
Table 14: Hyundai Marine & Fire Insurance Co Ltd: Key Employees Continued
Table 15: KB Financial Group Inc: key facts
Table 16: KB Financial Group Inc: Annual Financial Ratios
Table 17: KB Financial Group Inc: Key Employees
Table 18: KB Financial Group Inc: Key Employees Continued
Table 19: Samsung Fire & Marine Insurance Co Ltd: key facts
Table 20: Samsung Fire & Marine Insurance Co Ltd: Annual Financial Ratios
Table 21: Samsung Fire & Marine Insurance Co Ltd: Key Employees
Table 22: South Korea size of population (million), 2018-22
Table 23: South Korea gdp (constant 2005 prices, $ billion), 2018-22
Table 24: South Korea gdp (current prices, $ billion), 2018-22
Table 25: South Korea inflation, 2018-22
Table 26: South Korea consumer price index (absolute), 2018-22
Table 27: South Korea exchange rate, 2017-21
List of Figures
Figure 1: South Korea non-life insurance market value: $ billion, 2017-22(e)
Figure 2: South Korea non-life insurance market category segmentation: $ billion, 2017-2022
Figure 3: South Korea non-life insurance market geography segmentation: % share, by value, 2022(e)
Figure 4: South Korea non-life insurance market value forecast: $ billion, 2022-27
Figure 5: Forces driving competition in the non-life insurance market in South Korea, 2022
Figure 6: Drivers of buyer power in the non-life insurance market in South Korea, 2022
Figure 7: Drivers of supplier power in the non-life insurance market in South Korea, 2022
Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in South Korea, 2022
Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in South Korea, 2022
Figure 10: Drivers of degree of rivalry in the non-life insurance market in South Korea, 2022
Figure 11: South Korea non-life insurance market share: % share, by value, 2022(e)

Companies Mentioned

A selection of companies mentioned in this report includes:

  • DB Insurance Co Ltd
  • Hyundai Marine & Fire Insurance Co Ltd
  • KB Financial Group Inc
  • Samsung Fire & Marine Insurance Co Ltd