In terms of written premium value, the South Korean life insurance segment is the eighth-largest life insurance segment in the world. The segment plays a key role in the development of financial services and, despite the challenges of the financial crisis, recorded robust growth during the review period. Its written premium value increased from KRW80.0 trillion (US$72.6 billion) in 2008 to KRW100.2 trillion (US$89.0 billion) in 2012, at a CAGR of 5.8%. Consumer preference for long-term life insurance products supported the segment’s growth during the review period. South Korea has a developed life insurance segment which is slowly moving towards saturation. In 2013, ING sold its life insurance unit to MBK, the largest private equity group in South Korea.
The report provides in depth market analysis, information and insights into the South Korean life insurance segment, including:
- The South Korean life insurance segment’s growth prospects by life insurance categories
- Key trends and drivers for the life insurance segment
- The various distribution channels in the South Korean life insurance segment
- Detailed competitive landscape in the life insurance segment in South Korea
- Detailed regulatory framework of the South Korean insurance industry
- A description of the life reinsurance segment in South Korea
- Porter's Five Forces Analysis of the life insurance segment
- Benchmarking section on the South Korean life insurance segment in comparison to other countries in the category of US$60-150 billion of total gross written premiums
Scope
This report provides a comprehensive analysis of the life insurance segment in South Korea:
- It provides historical values for South Korea's life insurance segment for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
- It offers a detailed analysis of the key sub-segments in South Korea's life insurance segment, along with market forecasts until 2017
- 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 Porter’s 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 segment 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 in depth historic and forecast market data related to the South Korean life insurance segment and each category within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the South Korean life insurance segment
- Assess the competitive dynamics in the life insurance segment, 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 industry and its impact on companies and the market's future
Key Highlights
- In terms of written premium value, the South Korean life insurance segment is the eighth-largest life insurance segment in the world
- Insurance penetration stood at 7.7% in 2012, putting South Korea among the top-10 countries in the world in terms of life insurance penetration
- Growth in the life segment was driven by economic growth, tax benefits, life insurance as an important means of savings and investment, the expansion of distribution channels in the country and the entry of foreign life insurers
- Individual life insurance led the segment in 2012 with a market share of 50.0%, followed by the endowment category with 30.7%
- The top-three South Korean life insurers collectively accounted for 51.8% of the segment’s premiums in 2011; a decrease from its peak of 56.8% in 2008
Spanning over 275 pages, 164 tables and 204 figures, “Life Insurance in South Korea, Key Trends and Opportunities to 2017” report provides information on market overview, drivers and challenge, competition and key trends.
In addition to covering The Regional Market Dynamics, Life Insurance Segment – Regional Benchmarking, South Korean Insurance Industry Attractiveness, Life Insurance Outlook, Analysis by Distribution Channel, Porter’s Five Forces Analysis – South Korean Life Insurance , Reinsurance Growth Dynamics and Challenges, Governance, Risk and Compliance, Competitive Landscape and Strategic Insights, Business Environment and Country Risk, Appendix. The report cover 10 companies Samsung Life Insurance Co. Ltd, Hanwha Life Insurance Co. Ltd, Kyobo Life Insurance Co. Ltd, Mirae Asset Life Insurance Co. Ltd, Shinhan Life Insurance Co. Ltd, ING Life Insurance Korea Ltd, Tong Yang Life Insurance Co. Ltd, Heungkuk Life Insurance Co. Ltd, MetLife Insurance Co. of Korea Ltd, Allianz Life Insurance Co. Ltd.
For more information visit : http://www.marketresearchreports.com/timetric/life-insurance-south-korea-key-trends-and-opportunities-2017
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