South Korea Insurance Report Q3 2011

Date: July 22, 2011
Pages: 84
US$ 1,175.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download
ID: S8A626B06D9EN

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Includes 3 FREE quarterly updates

The largest South Korean insurers have the scale and financial strength that would make them titans by the standards of virtually all other countries.

Many of the leading foreign insurers have taken the view that the opportunities in South Korea are too good to ignore. Manulife is still looking for a suitable entrance point to the market.
  • South Korea stands out as an insurance market that is (very) large and (still steadily) growing. Its prospects have been helped by demographics and new laws, but it could not yet fairly be described as being mature.

    Transparency and access to capital has been boosted through the recent wave of Initial Public

    Offerings – including that of Samsung Life, the largest of any South Korean company.

    Virtually all the trends in South Korea’s insurance sector are favourable. The regulatory regime has been strengthened. New Risk Based Capital (RBC) requirements have presented some companies with a challenge, but have encouraged others to seek stock exchange listings – resulting in overall transparency improving. In spite of the sector being huge in absolute terms, and well developed in terms of most metrics, it is still growing steadily. Virtually all major companies are looking to improve profitability – whether by taking steps to increase sales, to develop new products, to refine portfolios of products or to reduce costs and claims.

    The life segment should continue to achieve high single-digit growth over the medium term. The inadequacy of organised pensions and social security, at a time that the overall population is ageing rapidly, means that South Korea is a very prospective market for annuities. Rising numbers of High Net Worth Individuals (HNWIs) also presents an opportunity.

    The results published by the leading listed non-life companies suggest that premiums for the segment rose by around 18% in fiscal 2010 (ie, the year to March 31 2011). Sales of long-term insurance products (which would normally be handled by life companies or health insurers in other countries) have been growing even faster. Savings-related long-term products have enjoyed very strong growth in premiums. Meanwhile, property-related long-term products have benefited from the introduction of compulsory public facilities liability insurance and other developments. Regulatory changes pertaining to auto insurance have also been very much in favour of the insurers.
  • Executive Summary
      Table: Total Premiums, 2008-2015
    Key Insights And Key Risks
    SWOT Analysis
    Taiwan Insurance Industry SWOT
    South Korea Political SWOT
    South Korea Economic SWOT
    South Korea Business Environment SWOT
    Asia Pacific Life Sector Overview
      Table: Asia Pacific’s Life Premiums, 2008-2015 (US$mn)
    South Korea Life Sector Update
      Table: Breakdown Of Life Premiums, FY09 (KRWmn)
    Life Industry Forecast Scenario
      Table: Total Life Premiums 2008-2015
    Growth Drivers And Risk Management Projections
      Table: Insurance Key Drivers, Demographics 2008-2015
    Asia Pacific Non-Life Sector Overview
      Table: Asia Pacific’s Non-Life Premiums, 2008-2015
    South Korea Non-Life Sector Update
      Table: Breakdown Of Non-Life Premiums, April-June 2010 (KRWmn)
    Non-Life Industry Forecast Scenario
      Table: Total Non-Life Premiums, 2008-2015
    Growth Drivers And Risk Management Projections
    Macroeconomic Outlook
      Table: South Korea Economic Activity, 2008-2015
    Political Stability Outlook
      Table: Asia Pacific Regional Security Ratings
    Healthcare Insurance
      Table: Insurance Key Drivers – Disability-Adjusted Life Years, 2008-2015
      Table: Insurance Key Drivers – Autos, 2008-2015
    Insurance Risk/Reward Ratings
      Table: South Korea’s Insurance Risk/Reward Ratings
      Table: Asia Pacific Insurance Risk/Reward Ratings
    Competitive Landscape
    Competitive Landscape Analysis
    Major Players In South Korea’s Insurance Sector
      Table: Ranking Of Life Companies By Premiums, April-August 2010, (KRWmn)
      Table: Ranking Of Non-Life Companies By Premiums, January-June 2010, (KRWmn)
    Company Profiles
    Regional Company Profiles
    AIA Group Limited
    BNP Paribas Cardif
    HSBC Insurance
    ING Group
    Liberty Mutual
    MetLife ALICO
    Prudential Financial
    Prudential plc
    Sun Life Financial
    The Principal
    Zurich Financial Services
    BMI Methodology
    Insurance Risk/Reward Ratings
      Table: Insurance Risk/Reward Indicators And Rationale
      Table: Weighting Of Indicators 84
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