Personal Accident and Health Insurance in South Korea, Key Trends and Opportunities to 2019

Date: October 23, 2015
Pages: 102
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Publisher: Timetric
Report type: Strategic Report
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Personal Accident and Health Insurance in South Korea, Key Trends and Opportunities to 2019
Synopsis

Timetric’s 'Personal Accident and Health Insurance in the South Korea, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the South Korean personal accident and health insurance segment.

It provides key performance indicators such as written premium, incurred loss, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of South Korea's economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure.

Summary

Timetric’s 'Personal Accident and Health Insurance in the South Korea, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the South Korean personal accident and health insurance segment, including:
  • The South Korean personal accident and health insurance segment’s growth prospects by insurance category
  • Key trends, drivers and challenges for the personal accident and health insurance segment
  • A comprehensive overview of South Korea's economy and demographics
  • Details of the competitive landscape in the personal accident and health insurance segment in South Korea
  • Details of regulatory policy applicable to the South Korean insurance industry
Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in South Korea:
  • It provides historical values for the South Korean personal accident and health insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key categories in the South Korean personal accident and health insurance segment, and market forecasts to 2019.
  • It analyzes the various distribution channels for personal accident and health insurance products in South Korea.
  • It profiles the top personal accident and health insurance companies in South Korea, and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the South Korean personal accident and health insurance segment and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean personal accident and health insurance segment.
  • Assess the competitive dynamics in the personal accident and health insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the South Korean insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • The South Korean personal accident and health segment’s share of the overall gross written premium was the smallest during the review period.
  • The South Korean public healthcare system covers a reasonable proportion of overall healthcare spending in the country, yet individuals choose private insurance and out-of-pocket spending to access wider cover.
  • The personal accident category was the largest in the segment, accounting for 60.4% of its gross written premium in 2014.
  • In 2015, the South Korean government announced its plans to offer free travel insurance in the wake of the Middle East Respiratory Syndrome (MERS) virus.
  • The segment remains highly competitive, and challenges arise from high rates of suicide and smoking, leading to huge losses for insurers during the review period.
  • The South Korean personal accident and health segment is highly competitive, with the presence of both domestic and foreign insurers.
1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 INTRODUCTION

3.1 What is this Report About?
3.2 Definitions
3.3 Methodology

4 ECONOMY AND DEMOGRAPHICS

5 PERSONAL ACCIDENT AND HEALTH INSURANCE SEGMENT OUTLOOK

5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Personal Accident and Health Insurance Growth Prospects by Category
  5.4.1 Personal accident insurance
  5.4.2 Health insurance

6 ANALYSIS BY DISTRIBUTION CHANNELS

7 COMPETITIVE LANDSCAPE AND STRATEGIC INSIGHTS

7.1 Overview
7.2 Leading Companies in the South Korean Personal Accident and Health Insurance Segment
  7.2.1 Samsung Fire & Marine Insurance Co., Ltd – Company Overview
  7.2.2 Hyundai Marine & Fire Insurance Co., Ltd – Company Overview
  7.2.3 Dongbu Insurance Co., Ltd – Company Overview
  7.2.4 LIG Insurance Co., Ltd – Company Overview
  7.2.5 Meritz Fire & Marine Insurance Co., Ltd – Company Overview
  7.2.6 Hanwha Non-Life Insurance Co., Ltd – Company Overview
  7.2.7 Heungkuk Fire and Marine Insurance Co., Ltd – Company Overview
  7.2.8 NongHyup Property & Casualty Insurance Co., Ltd – Company Overview
  7.2.9 Lotte Insurance Co., Ltd – Company Overview
  7.2.10 Seoul Guarantee Insurance Company Ltd – Company Overview

8 GOVERNANCE, RISK AND COMPLIANCE

8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
  8.3.1 Life insurance
  8.3.2 Property insurance
  8.3.3 Motor insurance
  8.3.4 Liability insurance
  8.3.5 Marine, aviation and transit insurance
  8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
  8.4.1 Motor third-party liability insurance
  8.4.2 Workers’ compensation insurance
  8.4.3 Fire and liability insurance for buildings to cover third-party bodily injury caused by fire
8.5 Supervision and Control
  8.5.1 International Association of Insurance Supervisors (IAIS)
  8.5.2 Financial Services Commission
  8.5.3 Financial Supervisory Service
  8.5.4 Korea Life Insurance Association (KLIA)
  8.5.5 General Insurance Association of Korea (GIAK)
8.6 Non-Admitted Insurance Regulations
  8.6.1 Overview
  8.6.2 Intermediaries
  8.6.3 Market practices
  8.6.4 Fines and penalties
8.7 Company Registration and Operations
  8.7.1 Types of insurance organization
  8.7.2 Establishing a domestic company
  8.7.3 Foreign ownership
  8.7.4 Types of license
  8.7.5 Capital requirements
  8.7.6 Solvency margins
  8.7.7 Reserve requirements
  8.7.8 Investment regulations
  8.7.9 Statutory return requirements
  8.7.10 Fee structure
8.8 Taxation
  8.8.1 Insurance premium or policy taxation
  8.8.2 Withholding taxes on premium paid overseas
  8.8.3 Corporate tax
  8.8.4 VAT
  8.8.5 Captives
8.9 Legal System
  8.9.1 Introduction
  8.9.2 Access to court
  8.9.3 Alternative dispute resolution (ADR)

9 APPENDIX

9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric’s Services
9.5 Disclaimer

LIST OF TABLES

Table 1: South Korean Personal Accident and Health Insurance – Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: South Korean Government Credit Ratings
Table 4: South Korean Personal Accident and Health Insurance – Gross Written Premium by Category (KRW Trillion), 2010–2014
Table 5: South Korean Personal Accident and Health Insurance – Gross Written Premium by Category (US$ Billion), 2010–2014
Table 6: South Korean Personal Accident and Health Insurance – Gross Written Premium by Category (KRW Trillion), 2014–2019
Table 7: South Korean Personal Accident and Health Insurance – Gross Written Premium by Category (US$ Billion), 2014–2019
Table 8: South Korean Personal Accident and Health Insurance – Direct Written Premium by Category (KRW Trillion), 2010–2014
Table 9: South Korean Personal Accident and Health Insurance – Direct Written Premium by Category (US$ Billion), 2010–2014
Table 10: South Korean Personal Accident and Health Insurance – Direct Written Premium by Category (KRW Trillion), 2014–2019
Table 11: South Korean Personal Accident and Health Insurance – Direct Written Premium by Category (US$ Billion), 2014–2019
Table 12: South Korean Personal Accident and Health Insurance – Net Earned Premium (KRW Trillion), 2010–2014
Table 13: South Korean Personal Accident and Health Insurance – Net Earned Premium (KRW Trillion), 2014–2019
Table 14: South Korean Personal Accident and Health Insurance – Paid Claims by Category (KRW Trillion), 2010–2014
Table 15: South Korean Personal Accident and Health Insurance – Paid Claims by Category (US$ Billion), 2010–2014
Table 16: South Korean Personal Accident and Health Insurance – Paid Claims by Category (KRW Trillion), 2014–2019
Table 17: South Korean Personal Accident and Health Insurance – Paid Claims by Category (US$ Billion), 2014–2019
Table 18: South Korean Personal Accident and Health Insurance – Incurred Loss by Category (KRW Trillion), 2010–2014
Table 19: South Korean Personal Accident and Health Insurance – Incurred Loss by Category (US$ Billion), 2010–2014
Table 20: South Korean Personal Accident and Health Insurance – Incurred Loss by Category (KRW Trillion), 2014–2019
Table 21: South Korean Personal Accident and Health Insurance – Incurred Loss by Category (US$ Billion), 2014–2019
Table 22: South Korean Personal Accident and Health Insurance – Net Written Premium by Category (KRW Trillion), 2010–2014
Table 23: South Korean Personal Accident and Health Insurance – Net Written Premium by Category (US$ Billion), 2010–2014
Table 24: South Korean Personal Accident and Health Insurance – Net Written Premium by Category (KRW Trillion), 2014–2019
Table 25: South Korean Personal Accident and Health Insurance – Net Written Premium by Category (US$ Billion), 2014–2019
Table 26: South Korean Personal Accident and Health Insurance – Commission and Expenses (KRW Trillion), 2010–2014
Table 27: South Korean Personal Accident and Health Insurance – Commission and Expenses (KRW Trillion), 2014–2019
Table 28: South Korean Personal Accident and Health Insurance – Total Assets (KRW Trillion), 2010–2014
Table 29: South Korean Personal Accident and Health Insurance – Total Assets (KRW Trillion), 2014–2019
Table 30: South Korean Personal Accident and Health Insurance – Total Investment Income (KRW Trillion), 2010–2014
Table 31: South Korean Personal Accident and Health Insurance – Total Investment Income (KRW Trillion), 2014–2019
Table 32: South Korean Personal Accident and Health Insurance – Net Written Premium (% of GWP), 2010–2014
Table 33: South Korean Personal Accident and Health Insurance – Net Written Premium (% of GWP), 2014–2019
Table 34: South Korean Personal Accident Insurance – Direct Written Premium (KRW Trillion), 2010–2014
Table 35: South Korean Personal Accident Insurance – Direct Written Premium (KRW Trillion), 2014–2019
Table 36: South Korean Health Insurance – Direct Written Premium (KRW Trillion), 2010–2014
Table 37: South Korean Health Insurance – Direct Written Premium (KRW Trillion), 2014–2019
Table 38: South Korean Health Insurance – Paid Claim (KRW Trillion), 2010–2014
Table 39: South Korean Non-Life Health Insurance – Paid Claim (KRW Trillion), 2014–2019
Table 40: South Korean Health Insurance – Net Written Premium (KRW Trillion), 2010–2014
Table 41: South Korean Health Insurance – Net Written Premium (KRW Trillion), 2014–2019
Table 42: South Korean Leading Personal Accident and Health Insurance Companies
Table 43: Samsung Fire & Marine Insurance Co., Ltd, Key Facts
Table 44: Hyundai Marine & Fire Insurance Co., Ltd, Key Facts
Table 45: Dongbu Insurance Co., Ltd, Key Facts
Table 46: LIG Insurance Co., Ltd, Key Facts
Table 47: Meritz Fire & Marine Insurance Co., Ltd, Key Facts
Table 48: Hanwha Non-Life Insurance Co., Ltd Key Facts
Table 49: Heungkuk Fire and Marine Insurance Co., Ltd, Key Facts
Table 50: NongHyup Property & Casualty Insurance Co., Ltd, Key Facts
Table 51: Lotte Insurance Co., Ltd, Key Facts
Table 52: Seoul Guarantee Insurance Company Ltd, Key Facts
Table 53: South Korea – Insurance Regulatory Framework Key Features
Table 54: South Korea – Life Insurance Regulatory Framework
Table 55: South Korea – Property Insurance Regulatory Framework
Table 56: South Korea – Motor Insurance Regulatory Framework
Table 57: South Korea – Liability Insurance Regulatory Framework
Table 58: South Korea – Corporate Tax Rates for the Financial Year 2015

LIST OF FIGURES

Figure 1: South Korean Real GDP (KRW Trillion), 2010–2019
Figure 2: KRW per US$ Exchange Rate, 2010–2019
Figure 3: South Korean Consumer Price Inflation, 2010–2019
Figure 4: South Korean Current Account Balance as Percentage of GDP (%), 2010–2019
Figure 5: South Korean Unemployment Rate, 2010–2019
Figure 6: South Korean Population by Age Group, 1990–2025
Figure 7: South Korean Personal Accident and Health Insurance – Gross Written Premium by Category (KRW Trillion), 2010–2019
Figure 8: South Korean Personal Accident and Health Insurance – Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 9: South Korean Personal Accident and Health Insurance – Gross Written Premium Dynamics by Category, 2010–2019
Figure 10: South Korean Personal Accident and Health Insurance – Direct Written Premium by Category (KRW Billion), 2010–2019
Figure 11: South Korean Personal Accident and Health Insurance – Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 12: South Korean Personal Accident and Health Insurance – Gross Written Premium Dynamics by Category, 2010–2019
Figure 13: South Korean Personal Accident and Health Insurance – Net Earned Premium (KRW Trillion), 2010–2014
Figure 14: South Korean Personal Accident and Health Insurance – Net Earned Premium (KRW Trillion), 2014–2019
Figure 15: South Korean Personal Accident and Health Insurance – Paid Claims by Category (KRW Trillion), 2010–2019
Figure 16: South Korean Personal Accident and Health Insurance – Incurred Loss by Category (KRW Trillion), 2010–2019
Figure 17: South Korean Personal Accident and Health Insurance – Net Written Premium by Category (KRW Trillion), 2010–2019
Figure 18: South Korean Personal Accident and Health Insurance – Commission and Expenses (KRW Trillion), 2010–2014
Figure 19: South Korean Personal Accident and Health Insurance – Commission and Expenses (KRW Trillion), 2014–2019
Figure 20: South Korean Personal Accident and Health Insurance – Total Assets (KRW Trillion), 2010–2014
Figure 21: South Korean Personal Accident and Health Insurance – Total Assets (KRW Trillion), 2014–2019
Figure 22: South Korean Personal Accident and Health Insurance – Total Investment Income (KRW Trillion), 2010–2014
Figure 23: South Korean Personal Accident and Health Insurance – Total Investment Income (KRW Trillion), 2014–2019
Figure 24: South Korean Personal Accident and Health Insurance – Net Written Premium (% of GWP), 2010–2014
Figure 25: South Korean Personal Accident and Health Insurance – Net Written Premium (% of GWP), 2014–2019
Figure 26: South Korean Personal Accident and Health Insurance – Investment Portfolio (KRW Trillion), 2010–2014
Figure 27: South Korean Personal Accident and Health Insurance – Investment Portfolio (% Share), 2010 and 2014
Figure 28: South Korean Personal Accident and Health Insurance Penetration (Ratio of Direct Premiums to GDP), 2010–2014
Figure 29: South Korean Personal Accident and Health Insurance – Density (Direct Premium per Capita), 2010–2014
Figure 30: South Korean Personal Accident Insurance – Direct Written Premium (KRW Trillion), 2010–2014
Figure 31: South Korean Personal Accident Insurance – Direct Written Premium (KRW Trillion), 2014–2019
Figure 32: South Korean Health Insurance – Direct Written Premium (KRW Trillion), 2010–2014
Figure 33: South Korean Health Insurance – Direct Written Premium (KRW Trillion), 2014–2019
Figure 34: South Korean Health Insurance – Paid Claim (KRW Trillion), 2010–2014
Figure 35: South Korean Health Insurance – Paid Claim (KRW Trillion), 2014–2019
Figure 36: South Korean Health Insurance – Net Written Premium (KRW Trillion), 2010–2014
Figure 37: South Korean Health Insurance – Net Written Premium (KRW Trillion), 2014–2019
Figure 38: South Korea – Insurance Supervision and Control at Various Levels
Figure 39: South Korea – Insurance Regulatory Frameworks for Company Registration and Operation
Figure 40: South Korea – Judiciary System
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Health and Wellness in South Korea US$ 2,100.00 Apr, 2016 · 93 pages

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