South Korea Insurance Report Q4 2015

Date: October 21, 2015
Pages: 68
US$ 1,295.00
Report type: Strategic Report
Delivery: Download

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BMI View: We maintain our favourable medium-term outlook for South Korea's life and non-life insurance segments on the back of demographic changes, in particular, which will lead to higher demand long-term savings solutions and health insurance. While both segments remain dominated by indigenous players, there are some opportunities for foreign players to enter the market via acquisitions and joint ventures with local insurers.

Life insurance in South Korea is the larger segment of the country's overall insurance sector, accounting for about 59% of premiums written in 2015. Although we expect this share to decline over our five-year forecast period, as non-life sector growth outpaces that of the life sector, life insurance will continue to grow in absolute terms. We believe this comes primarily on the back of the country's ageing population, with the country's 65+ population forecast to rise from 13.1% to 15.1% of the population between 2015 and 2019. Importantly, adding over 1.1mn people to this age bracket over the same period. The average life expectancy will also grow on the back of better access to healthcare. As a result of these trends, demand for longer-term savings solutions from the South Korean population will grow. We highlight a growing domestic economy will provide them with the means to purchase life insurance products, with GDP per capita growing at an average rate of 5.2% per annum over our five-year forecast period and disposable income also rising. This will create plenty of opportunities for life insurers in South Korea.
BMI Industry View
Operational Risk
Industry Forecast
Life Premiums Forecast
Life Premiums
  Table: Gross Life Premiums Written (South Korea 2012-2019)
Life Insurance Claims and Assets
  Table: Life Insurance Claims (South Korea 2007-2014)
  Table: Assets (South Korea 2007-2014)
Life Insurance Drivers
  Table: Life Expectancy by Gender (South Korea 2012-2019)
  Table: Demographic Breakdown (South Korea 2012-2019)
Non-Life Premiums Forecast
Non-Life Premiums
  Table: Gross Non-Life Premiums Written (South Korea 2012-2019)
Non-Life Claims
  Table: Non-Life Insurance Claims (South Korea 2007-2014)
  Table: Non-Life Insurance Claims by Line (South Korea 2007-2014)
Non-Life Assets
  Table: Assets (South Korea 2007-2014)
Non-Life Sub-Sector Forecast
  Table: Non-Life % Breakdown (South Korea 2012-2019)
Motor And Transport Insurance
  Table: Motor Vehicle Insurance (South Korea 2012-2019)
  Table: Insurance Key Drivers, Autos (South Korea 2012-2019)
  Table: Transport Insurance (South Korea 2012-2019)
Property Insurance
  Table: Property Insurance (South Korea 2012-2019)
Credit/ Financial Guarantee Insurance
  Table: Credit/Financial Guarantee Insurance (South Korea 2012-2019)
Health Insurance
  Table: Insurance Key Drivers, Private Health Expenditure (South Korea 2012-2019)
Industry Risk Reward Ratings
Asia Pacific Industry Risk/Reward Index
  Table: Asia Pacific Insurance Risk/Reward Index
Market Overview
Life Market Overview
The Product Offering
Competitive Landscape
  Table: Company Performance: Life Insurance Market (USDmn) 2007-2012
  Table: Company Performance: Life Insurance Market (%) 2007-2012
Non-Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Company Performance: Non-Life Insurance Market (USDmn) 2011-2012
  Table: Company Performance: Non-Life Insurance Market (%) 2011-2012
Company Profile
Hanwha Life
Hyundai Marine & Fire Insurance
Samsung Life
Samsung Fire & Marine
Demographic Forecast
Demographic Outlook
  Table: Population Headline Indicators (South Korea 1990-2025)
  Table: Key Population Ratios (South Korea 1990-2025)
  Table: Urban/Rural Population & Life Expectancy (South Korea 1990-2025)
  Table: Population By Age Group (South Korea 1990-2025)
  Table: Population By Age Group % (South Korea 1990-2025)
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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