Press release
South Korean Life Insurance Markets Growth, Key Trends and Opportunities, Customer Segments and Forecast 2016
About Life Insurance Market
The report provides top-level market analysis, information and insights into the South Korean life insurance market, including:
The South Korean life insurance markets growth prospects by life insurance categories and customer segments
The various distribution channels in the South Korean life insurance market
The competitive landscape in the South Korean life insurance market
A description of the life reinsurance market in South Korea
Summary
South Korea is the worlds ninth largest insurance industry and the third largest insurance industry in Asia behind Japan and China. Over the last decade, the insurance industry in the country has expanded significantly as a result of strong macroeconomic and microeconomic conditions and a rise in consumer awareness about insurance products. South Korea has the highest gross written premiums per capita in Asia and the highest gross written premiums as a percentage of GDP in Asia. During 2008, life insurance declined for the first time as a result of the global economic crisis. Nonetheless, the life insurance segment recovered in 2009 due to diversifying consumer needs.
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Scope
This report provides a comprehensive analysis of the life insurance market in South
Korea:
It provides historical values for South Koreas life insurance market for the reports 20072011 review period and forecast figures for the 20122016 forecast period
It offers a detailed analysis of the key sub-segments in South Koreas life insurance market, along with market forecasts until 2016
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
It analyses the various distribution channels for life insurance products in South Korea
Using Porters industry-standard Five Forces analysis, it details the competitive landscape in South Korea for the life insurance business
It provides a detailed analysis of the reinsurance market in South Korea and its growth prospects
It profiles the top life insurance companies in South Korea, and outlines the key regulations affecting them
Reasons To Buy
Make strategic business decisions using top-level historic and forecast market data related to the South Korean life insurance market and each sector within it
Understand the demand-side dynamics, key market trends and growth opportunities within the South Korean life insurance market
Assess the competitive dynamics in the life insurance market, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the South Korean insurance market and its impact on companies and the market's future
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Key Highlights
Life insurance has been one of the most popular means of saving in South Korea. The South Korean life insurance segment is mature and its scope for further growth is limited when compared to the life insurance segments of countries such as China and India
Traditionally, South Korean life insurers relied on their large network of insurance brokers, solicitors and internal employees
With the amendment of the regulation on supervision of business in January 2011, the Standards for Classification of insurance types were formulated. The new standards separate the third insurance business from life insurance and non-life insurance
Within the South Korean life insurance market, individual life insurance represented the largest category in terms of written premium with a total market share of 33.0% in 2011
As of March 31, 2011, fourteen domestic and nine foreign life insurance providers offer services in the South Korean life insurance segment. The life insurance market is highly concentrated with domestic insurers accounting for up to 80% market share
Table of content
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 South Korean Insurance Industry Attractiveness
3.1 Insurance Industry Market Size, 20072016
3.2 Key Industry Trends and Drivers
3.2.1 Business drivers
3.2.2 Consumer drivers
3.3 Recent Market Developments
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4 Life Insurance Market Outlook
4.1 Life Insurance Growth Prospects by Category
4.1.1 Individual life insurance category market size, 20072016
4.1.2 Individual general annuity category market size, 20072016
4.1.3 Individual pension category market size, 20072016
4.1.4 Individual endowment insurance category market size, 20072016
4.1.5 Individual term life insurance category market size, 20072016
4.1.6 Individual others category market size, 20072016
4.1.7 Group life category market size, 20072016
4.2 Life Insurance Growth Prospects by Customer Segments
4.2.1 Individual segment market size, 20072016
4.2.2 Individual single premium category market size, 20072016
4.2.3 Individual non-single premium category market size, 20072016
4.2.4 Group segment market size, 20072016
4.2.5 Group single premium category market size, 20072016
4.2.6 Group non-single premium category market size, 20072016
5 Analysis by Distribution Channel
5.1 Direct marketing channel market size, 20072016
5.2 Bancassurance channel market size, 20072016
5.3 Agencies channel market size, 20072016
5.4 Other channel market size, 20072016
6 Regulatory Policies
7 Porters Five Forces Analysis South Korean Life Insurance Market
7.1 Bargaining Power of Supplier: medium
7.2 Bargaining Power of Buyer: low to medium
7.3 Barriers to Entry: medium to high
7.4 Intensity of Rivalry: high
7.5 Threat of Substitutes: low
8 Reinsurance Growth Dynamics and Challenges
8.1 Reinsurance market size, 20072016
8.2 Reinsurance market size by type of insurance, 20072016
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