Future Growth Led by regulatory development, government support, economic growth and rising income level

1. 1
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2. TABLE OF CONTENTS
1. Asia-Pacific Insurance Industry
1.1. Industry Introduction
1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P
1.3. Asia-Pacific Insurance Market Segmentation
1.3.1. By Geography, 2005-2012P
1.3.2. By Life and Non Life, 2005-2012P
1. South Korea Insurance Industry
1.1. South Korea Insurance Value Chain
1.2. South Korea Insurance Market Size by Direct Written Premium, FY’2005-FY’2012P
2. South Korea Insurance Government Regulations
3. South Korea Life Insurance Market
3.1. South Korea Life Insurance Market Size, FY’2005-FY’2012P
3.2. Life Insurance Segmentation, FY’2005-FY’2012P
3.3. Market Share of Domestic and Foreign Insurers in Life Insurance Industry in South
Korea, FY’2011
3.4. South Korea Life Insurance Market Future Outlook and Projection, FY’2013-FY’2016
4. South Korea Non-Life Insurance Market
4.1. South Korea Non-Life Insurance Market Size, FY’2005-FY’2012P
4.2. South Korea Non Life Distribution Channel, FY’ 2005-FY’2011
4.3. Market Share of Major Non Life Insurers in South Korea, FY’2011
5. Non-Life Insurance Segmentation, FY’2005-FY’2012P
5.1. South Korea Long Term Insurance Industry
5.1.1. South Korea Long Term Insurance Market Size, FY’2005-FY’2012P
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3. 5.1.2. Long Term Insurance Segmentation, FY’2005-FY’2012P
5.1.3. South Korea Long Term insurance Claim Paid, FY’2005-FY’2011 4
5.1.4. Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry in
South Korea, FY’2011
5.2. South Korea Long Term insurance Market Future Outlook and Projection, FY’2013-
FY’2016
5.3. South Korea Automobile Insurance Industry
5.3.1. South Korea Automobile Insurance Market Size, FY’2005-FY’2012P
5.3.2. Automobile Insurance Segmentation, FY’2005-FY’2012P
5.3.3. South Korea Automobile insurance Claim Paid, FY’2005-FY’2011
5.3.4. Market Share of Domestic and Foreign Insuerers in Automobile Insurance Industry in
South Korea, FY’2011
5.3.5. South Korea Automobile insurance Market Future Outlook and Projection, Fy’2013-
FY’2016
5.4. South Korea Casualty Insurance Industry
5.4.1. South Korea Casualty Insurance Market Size, FY’2005-FY’2012P
5.4.2. South Korea Casualty insurance Claim Paid, FY’2005-FY’2012P
5.4.3. Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry in South
Korea, FY’2011
5.4.4. South Korea Casualty insurance Market Future Outlook and Projection, FY’2013-
FY’2016
5.5. South Korea Guarantee Insurance Industry
5.5.1. South Korea Guarantee Insurance Market Size, FY’2005-FY’2012P
5.5.2. South Korea Guarantee insurance Claim Paid, FY’2005-FY’2011
5.5.3. Market Share of Domestic and Foreign Insurers in Guarantee Insurance Industry in South
Korea, FY’2011
5.5.4. South Korea Guarantee insurance Market Future Outlook and Projection, FY’2013-
FY’2016
5.6. South Korea Marine Insurance Industry
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4. 5.6.1. South Korea Marine Insurance Market Size, FY’2005-FY’2012P
5.6.2. South Korea Marine insurance Claim Paid, FY’2005-FY’2011
5.6.3. Market Share of Domestic and Foreign Insurers in Marine Insurance Industry in South
Korea, FY’2011
5.6.4. South Korea Marine insurance Market Future Outlook and Projection, FY’2013-FY’2016
5.7. South Korea Fire Insurance Industry
5.7.1. South Korea Fire Insurance Market Size, FY’2005-FY’2012P
5.7.2. South Korea Fire insurance Claim Paid, FY’2005-FY’2011
5.7.3. Market Share of Domestic and Foreign Insurers in Fire Insurance Industry in South
Korea, FY’2011
5.7.4. South Korea Fire insurance Market Future Outlook and Projection, FY’2013-FY’2016
6. South Korea Non-Life Insurance Market Future Outlook and Projection, FY’2013-
FY’2016
7. South Korea Insurance Industry Trends and Developments
Emergence of New Distribution Channel
Rising Merger, Acquisitions and Joint Venture
Rising Ageing Population
Increasing Cyber Risk Insurance Need
8. Asia-Pacific Insurance Industry Future Outlook
8.1. Asia-Pacific Insurance Industry Future Projections
8.1.1. By Geography, 2013-2016
9. South Korea Insurance Industry Future Outlook and Projections, FY’2013-FY’2016
9.1. Cause and Effect Relationship Between Dependent and Independent Factors Prevailing in
South Korea Insurance Market
10. Company Profile of Major Players in South Korea Life Insurance Industry
10.1. Samsung Life
10.1.1. Company Profile
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5. 10.1.2. Business Strategies
10.1.3. Financial Performance
10.2. Hanwha Life
10.2.1. Company Profile
10.2.2. Business Strategies
10.3. Kyobo Life
10.3.1. Company Profile
10.3.2. Business Strategies
10.3.3. Financial Performance
11. Company Profile of Major Players in South Korea Non-Life Insurance Industry
11.1. Hyundai Marine and Fire Insurance
11.1.1. Company Profile
11.1.2. Business Strategies
11.1.3. Financial Performance
11.2. LIG Insurance
11.2.1. Company Profile
11.2.2. Business Strategies
11.2.3. Financial Performance
12. South Korea Insurance Industry Macro-Economic Indicators: Historical and Projections
12.1. South Korea Population, 2005-2016
12.2. GDP of South Korea, 2005-2016
12.3. Healthcare Expenditure of South Korea, 2005-2016
12.4. Total Vehicle Production in South Korea, 2005-2016
13. Appendix
13.1. Market Definitions
13.2. Abbreviations
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6. 13.3. Research Methodology
Data Collection Methods
Approach
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
13.4. Disclaimer
LIST OF FIGURES
Figure 1: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD
Million, 2005-2012P
Figure 2: Asia-Pacific Insurance Market Segmentation by Life and non Life on the Basis of
Direct Written Premium in Percentage, 2005-2012P
Figure 3: Insurance Value Chain
Figure 4: South Korea Insurance Market Size on the Basis of Direct Written Premium in USD
Million, FY’2005-FY’2012P
Figure 5: South Korea Life Insurance Market Size on the Basis of Direct Written Premium in
USD Million, FY’2005-FY’2012P
Figure 6: South Korea life Insurance Market Segmentation by General and Separate Account on
the Basis of Direct Written Premium in Percentage, FY’2005-FY’2012P
Figure 7: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basis
of Direct Written Premium in Percentage, FY’2011
Figure 8: South Korea Life Insurance Market Projections on the Basis of Direct Written
Premium in USD Million, FY’2013-FY’2016
Figure 9: South Korea Non Life Insurance Market Size on the Basis of Direct Written Premium
in USD Million, FY’2005-FY’2012P
Figure 10: South Korea Non life Insurance Distribution Channel by Agents, Solicitors, Company
Employees, Bank, Broker and Insurance Pools on the Basis of Direct Written Premium in
Percentage, FY’2005-FY’2011
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7. Figure 11: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of Direct
Written Premium in Percentage, FY’2011
Figure 12: South Korea Non life Insurance Market Segmentation by Long Term, Automobile,
Casualty, Guarantee, Marine, Fire and others on the Basis of Direct Written Premium in
Percentage, FY’2005-FY’2012P
Figure 13: South Korea Long Term Insurance Market Size on the Basis of Direct Written
Premium in USD Million, FY’2005-FY’2012P
Figure 14: South Korea Long Term Insurance Market Segmentation by Personal Accident,
Health, Property and Others on the Basis of Direct Written Premium in Percentage, FY’2005-
FY’2012P
Figure 15: South Korea Long Term Insurance Market Claim Paid on the Basis of Direct Written
Premium in USD Million, FY’2005-FY’2011
Figure 16: Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry on
the Basis of Direct Written Premium in Percentage, FY’2011
Figure 17: South Korea Automobile Insurance Market Size on the Basis of Direct Written
Premium in USD Million, FY’2005-FY’2012P
Figure 18: South Korea Automobile Insurance Market Segmentation by Voluntary and
Compulsory Auto Liability Insurance on the Basis of Direct Written Premium in Percentage,
2005-2012P
Figure 19: South Korea Automobile Insurance Market Claim Paid on the Basis of Direct Written
Premium in USD Million, FY’2005-FY’2011
Figure 20: Market Share of Domestic and Foreign Insurers in Automobile Insurance Industry on
the Basis of Direct Written Premium in Percentage, FY’2011
Figure 21: South Korea Casualty Insurance Market Size on the Basis of Direct Written Premium
in USD Million, FY’2005-FY’2012P
Figure 22: South Korea Casualty Insurance Market Claim Paid on the Basis of Direct Written
Premium in USD Million, FY’2005-FY’2011
Figure 23: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the
Basis of Direct Written Premium in Percentage, FY’2011
Figure 24: South Korea Casualty Insurance Market Projections on the Basis of Direct Written
Premium in USD Million, FY’2013-FY’2016
Figure 25: South Korea Guarantee Insurance Market Size on the Basis of Direct Written
Premium in USD Million, FY’2005-FY’2012P
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8. Figure 26: South Korea Guarantee Insurance Market Claim Paid on the Basis of Direct Written
Premium in USD Million, FY’2005-FY’2011
Figure 27: Market Share of Domestic and Foreign Insurers in Guarantee Insurance Industry on
the Basis of Direct Written Premium in Percentage, FY’2011
Figure 28: South Korea Guarantee Insurance Market Projections on the Basis of Direct Written
Premium in USD Million, FY’2013-FY’2016
Figure 29: South Korea Marine Insurance Market Size on the Basis of Direct Written Premium
in USD Million, FY’2005-FY’2012
Figure 30: South Korea Marine Insurance Market Claim Paid on the Basis of Direct Written
Premium in USD Million, FY’2005-FY’2011
Figure 31: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on the
Basis of Direct Written Premium in Percentage, FY’2011
Figure 32: South Korea Marine Insurance Market Projections on the Basis of Direct Written
Premium in USD Million, FY’2013-FY’2016
Figure 33: South Korea Fire Insurance Market Size on the Basis of Direct Written Premium in
USD Million, 2005-2012P
Figure 34: South Korea Fire Insurance Market Claim Paid on the Basis of Direct Written
Premium in USD Million, FY’2005-FY’2011
Figure 35: Market Share of Domestic and Foreign Insurers in Fire Insurance Industry on the
Basis of Direct Written Premium in Percentage, FY’2011
Figure 36: South Korea Fire Insurance Market Projections on the Basis of Direct Written
Premium in USD Million, FY’2013-FY’2016
Figure 37: South Korea Non life Insurance Market Projections on the Basis of Direct Written
Premium in USD Million, FY’2013-FY’2016
Figure 38: South Korea Insurance Market Projections on the Basis of Direct Written Premium in
USD Million, FY’2013-FY’2016
Figure 39: South Korea Life Insurance Premium Income of Samsung Life in USD Million,
FY’2005-FY’2011
Figure 40: South Korea Life Insurance Premium Income of Kyobo Life in USD Million,
FY’2006-FY’2011
Figure 41: South Korea Non-Life Insurance Direct Written Premium of Hyundai Marine and Fire
Insurance in USD Million, FY’2005-FY’2011
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9. Figure 42: South Korea Non-Life Insurance Direct Written Premium of LIG Insurance in USD
Million, FY’2007-FY’2012
Figure 43: South Korea Population in Million, 2005-2016
Figure 44: GDP of South Korea in USD Million, 2005-2016
Figure 45: Healthcare Expenditure of South Korea in USD Million, 2005-2016
Figure 46: Total Vehicle Production in South Korea in Million, 2005-2016
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10. LIST OF TABLES
Table 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct
Written Premium in USD Billion, 2005 -2012P
Table 2: Asia-Pacific Insurance Market Segmentation by Life and Non Life on the Basis of
Direct Written Premium in USD Billion, 2005 -2012P
Table 2: South Korea life Insurance Market Segmentation by General and Separate Account on
the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P
Table 3: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basis
of Direct Written Premium in USD Million, FY’2011
Table 4: South Korea Non life Insurance Market Segmentation by Agents, Direct Sales and
Broker on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011
Table 5: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of Direct
Written Premium in USD Million, FY’2011
Table 6: South Korea Long Term Insurance Market Segmentation by Personal Accident, Health,
Property and Others on the Basis of Direct Written Premium in USD Million, FY’2005-
FY’2012P
Table 7: Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry on the
Basis of Direct Written Premium in USD Million, FY’2011
Table 8: South Korea Long Term Insurance Market Projections on the Basis of Direct Written
Premium in USD Million, FY’2013-FY’2016
Table 9: South Korea Automobile Insurance Market Segmentation by Voluntary and
Compulsory Auto Liability Insurance on the Basis of Direct Written Premium in USD Million,
FY’2005-FY’2012P
Table 10: Market Share of Domestic and Foreign Insurers in Automobile Insurance Industry on
the Basis of Direct Written Premium in USD Million, FY’2011 5
Table 11: South Korea Automobile Insurance Market Projections on the Basis of Direct Written
Premium in USD Million, FY’2013-FY’2016
Table 12: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the
Basis of Direct Written Premium in USD Million, FY’2011
Table 13: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the
Basis of Direct Written Premium in USD Million, FY’2011
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11. Table 14: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on the
Basis of Direct Written Premium in USD Million, FY’2011
Table 15: Market Share of Domestic and Foreign Insurers in Fire Insurance Industry on the Basis
of Direct Written Premium in USD Million, FY’2011
Table 16: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written
Premium in USD Million, 2013-2016
Table 17: Cause and Effect Relationship Analysis between Industry Factors and Expected
Industry Prospects of South Korea Insurance Market
Table 18: Correlation Matrix of the South Korea Insurance Industry
Table 19: Regression Coefficients Output of South Korea Insurance Industry
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12. ASIA-PACIFIC INSURANCE MARKET SIZE BY DIRECT WRITTEN
PREMIUM, 2005-2012P
The insurance market in Asia-Pacific region has grown remarkably over the past few years due
to the growth in the emerging markets such as China, Japan, India, Australia, Taiwan and South
Korea. The countries in the Asia-Pacific region are at different stages of economic development
unlike the European countries and the US which has created significant opportunities for the
insurers in the region in order to serve the financial needs of the customers. The market in the
region has grown at a CAGR of 11.9% from USD ~ million in 2005 to USD ~million in 2012…
Figure: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in
USD Million, 2005-2012P
16,00,000.0
14,00,000.0
12,00,000.0
USD Million
10,00,000.0
8,00,000.0
6,00,000.0
4,00,000.0
2,00,000.0
0.0
2005 2006 2007 2008 2009 2010 2011 2012P
12
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13. ASIA-PACIFIC INSURANCE MARKET SEGMENTATION
BY GEOGRAPHY, 2005-2012P
Asia-Pacific insurance industry is majorly contributed by 6 major countries such as Japan, China,
South Korea, Taiwan, India and Australia with the share of ~% in 2012. Japan insurance market
is the second largest in the world with the contribution of
China insurance industry is one of
more than ~% in 2012…. The China insurance industry is
the predominant markets in the one of the predominant markets in the insurance industry
insurance industry in the Asia- in the Asia-Pacific region with a contribution of ~% of the
Pacific region with a contribution direct written premium in the region in 2012…
of ~% of the direct written
premium in the region in 2012. South Korea is the third largest market with a contribution
of ~% in 2012. The country insurance sector is more
complicated with limited growth opportunities in comparison with the growing market in the
region such as China and India…
Table: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct
Written Premium in USD Billion, 2005-2012P
Countries 2005 2006 2007 2008 2009 2010 2011 2012P
Japan
China
South
Korea
Taiwan
India
Australia
Hong
Kong
Singapore
Thailand
Malaysia
Indonesia
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14. New
Zealand
Philippines
Vietnam
Pakistan
Kazakhstan
Bangladesh
Sri Lanka
Total
SOUTH KOREA INSURANCE INDUSTRY
SOUTH KOREA INSURANCE MARKET SIZE BY DIRECT WRITTEN
PREMIUM, FY’2005-FY’2012P
The South Korean insurance market is one of the largest insurance industries in the world. The
insurance market in the country has experienced a growth of 18.6% from USD ~ million in
FY’2010 to USD ~ million in FY’2011....
The insurance penetration rate of South Korea is one of the highest in the world. The country’s
insurance penetration in terms of direct written premium of gross domestic product in 2011 was
~% overtaking Japan with ~% and ranking third in Asia after Taiwan’s ~% and Hong Kong’s ~%
in 2011. The domestic insurers sector in the country is more sophisticated but with the limited
organic growth opportunities in comparison with the growing market in the region such as China
and India with the insurance penetration rate of ~% and ~% respectively in 2011. In those
countries insurers remain focused on their home market growth and favorable demographic
factors continue to support developing market….
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15. Figure: South Korea Insurance Market Size on the Basis of Direct Written Premium in
USD Million, FY’2005-FY’2012P
1,40,000.0
1,20,000.0
1,00,000.0
USD Million
80,000.0
60,000.0
40,000.0
20,000.0
0.0
FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011 FY'2012P
Note:
FY ending- 31st March
Life Insurance is in Premium Income
Non-Life Insurance is in Direct Written Premium
SOUTH KOREA LIFE INSURANCE MARKET
LIFE INSURANCE SEGMENTATION, FY’2005-FY’2012P
…. The general account insurance has witnessed an
The separate account insurance increase in direct written premium of 10.9% from USD ~
has also experienced a growth of million in FY’2010 to USD ~ million in FY’2011 due to
13.5% to USD ~ million in FY’2011 the growth in premium income for pensions and
endowment insurance. In FY’2011, the endowment
insurance has experienced a growth of 28.2% with the premium income of KRW ~ million….
The separate account insurance has also experienced a growth of 13.5% to USD ~ million in
FY’2011. The premium income of retirement insurance has witnessed a decline of ~% in
FY’2011 from the previous year while the corporate insurance has posted a growth of ~% to
USD ~ million in FY’2011...
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16. Figure: South Korea life Insurance Market Segmentation by General and Separate
Account on the Basis of Direct Written Premium in Percentage, FY’2005-FY’2012P
1.2
1.0
0.8
In Percentage
0.6
0.4
0.2
0.0
FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011 FY'2012P
Separate Account General Account
Note:FY ending- 31st March; Life Insurance is in Premium Income
Table: South Korea life Insurance Market Segmentation by General and Separate Account
on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012P
Segments FY’2005 FY’2006 FY’2007 FY’2008 FY’2009 FY’2010 FY’2011 FY’2012P
General
Account
Individual
Insurance
Group
Insurance
Separate
Account
Retirement
Insurance
Corporate
Insurance
Variable
Insurance
Total
Note:FY ending- 31st March; Life Insurance is in Premium Income
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17. MARKET SHARE OF DOMESTIC AND FOREIGN INSURERS IN LIFE
INSURANCE INDUSTRY IN SOUTH KOREA, FY’2011
The country life insurance market is dominated by the domestic insurers with the contribution of
around ~% and the direct written premium of USD ~ million in FY’2011. The majority of the
domestic insurance market in the country is held by three life insurance companies such as
Samsung Life, Korea Life and Kyobo Life with the share of ~% in FY’2011….
Figure: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the
Basis of Direct Written Premium in Percentage, FY’2011
Domestic
Foreign
Note:FY ending- 31st March; Life Insurance is in Premium Income
Table: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the
Basis of Direct Written Premium in USD Million, FY’2011
Players FY’2011
Domestic Insurers
Foreign Insurers
Total
Note:FY ending- 31st March;Life Insurance is in Premium Income
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18. SOUTH KOREA NON-LIFE INSURANCE MARKET
SOUTH KOREA NON-LIFE INSURANCE MARKET SIZE, FY’2005-
FY’2012P
…In FY’2011, there are ~ non life insurance companies conducting business in the South
Korean market which includes ~ domestic general insurers and ~ foreign general insurance
companies. The domestic insurance companies includes ~ general insurers conducting direct
insurance business, 1 reinsurer, 1 mono-line guarantee insurer and 1 mono-line automobile
insurer…..
The major general insurance companies have adopted various advertisement methods in order to
increase their sales in the country. General Insurance Association of Korea has reviewed about ~
online advertisements, ~ TV advertisements and ~ newspapers advertisements in order to prevent
the consumer damage and promote fair transactions in general insurance industry.
Figure: South Korea Non Life Insurance Market Size on the Basis of Direct Written
Premium in USD Million, FY’2005-FY’2012P
60,000.0
50,000.0
40,000.0
USD Million
30,000.0
20,000.0
10,000.0
0.0
FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011 FY'2012P
Note:FY ending- 31st March
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19. SOUTH KOREA NON LIFE DISTRIBUTION CHANNEL, FY’ 2005-
FY’2011
…In FY’2011, there are ~ insurance agents in the country which includes ~ private insurance
agents and ~ corporate insurance agents. The number of private and corporate insurance agents
has experienced decrease of ~% and ~% respectively in FY’2011 with respect to the previous
year.
…In FY’2011, the number of solicitors has witnessed decline of ~% to ~ persons which includes
~ general insurance persons and ~ cross-selling insurance solicitors. The insurance solicitor
channel in the country includes ~ men and ~ women. In FY’2011, the monthly average income
person is amounted to KRW ~ while the monthly average premium written per 1 solicitor is
amounted to KRW ~ million.
The company employees channel is the third largest contributor in the general insurance
distribution channel with the share of ~% in FY’2011. The number of directors and employees in
the non life insurance industry has observed an increase of ~ persons over the previous year to ~
persons in FY’2011. The number of outlets of general insurers in the country has also
experienced an increase of ~% to ~ outlets….
Figure 1: South Korea Non life Insurance Distribution Channel by Agents, Solicitors,
Company Employees, Bank, Broker and Insurance Pools on the Basis of Direct Written
Premium in Percentage, FY’2005-FY’2011
100.0%
90.0%
80.0%
70.0%
60.0%
In Percentage %
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011
Insurance Pools Broker Banks Company Employees Solicitors Agents
Note:FY ending- 31st March
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20. Table: South Korea Non life Insurance Market Segmentation by Agents, Direct Sales and
Broker on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011
Channel FY’2005 FY’2006 FY’2007 FY’2008 FY’2009 FY’2010 FY’2011
Agents
Solicitors
Company
Employees
Banks
Broker
Insurance
Pools
Total
Note:FY ending- 31st March
SOUTH KOREA AUTOMOBILE INSURANCE INDUSTRY
SOUTH KOREA AUTOMOBILE INSURANCE CLAIM PAID, FY’2005-
FY’2011
In FY’2011, the country's automobile insurance industry has posted the highest loss ratio of ~%
among all lines of general insurance business. The majority of the loss occurred in the online
auto vehicle insurance which steeply rose to ~% in FY’2011 from ~% in FY’2010. The industry
has witnessed a combined ratio of ~% in FY’2011 which has created a heavy burden on
insurance companies.
The country's automobile insurance industry has paid a claim of USD ~ million in FY’2011 with
a growth of ~% in comparison to USD ~ million in FY’2010….
In FY’2011, the traffic accident caused by drunk driving has increased by ~% over the prior year
while its share in the overall traffic accident was ~% to ~ cases in which ~ persons were killed
20
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21. and ~ people were injured. In South Korea most of the accidents occurred in evening rush hours
such as 6-8 PM contribute ~% of the overall cases and in night hours which include 8-10 PM
covers ~% in FY’2011. The number of deaths in traffic accident per ~ vehicles is 2.8 persons in
FY’2011.
Figure: South Korea Automobile Insurance Market Claim Paid on the Basis of Direct
Written Premium in USD Million, FY’2005-FY’2011
9,000.0
8,000.0
7,000.0
6,000.0
USD Million
5,000.0
4,000.0
3,000.0
2,000.0
1,000.0
0.0
FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011
Note:FY ending- 31st March
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22. SOUTH KOREA GUARANTEE INSURANCE INDUSTRY
SOUTH KOREA GUARANTEE INSURANCE MARKET FUTURE
OUTLOOK AND PROJECTION, FY’2013-FY’2016
The country guarantee insurance market is expected to grow at a CAGR of 1.8% from FY’2013-
FY’2016 and is predicted to record direct written premium of USD ~ million in FY’2016…
Figure: South Korea Guarantee Insurance Market Projections on the Basis of Direct
Written Premium in USD Million, FY’2013-FY’2016
1,320.0
1,310.0
1,300.0
1,290.0
USD Million
1,280.0
1,270.0
1,260.0
1,250.0
1,240.0
1,230.0
FY'2013 FY'2014 FY'2015 FY'2016
Note:FY ending- 31st March
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23. SOUTH KOREA INSURANCE INDUSTRY TRENDS AND
DEVELOPMENTS
RISING AGEING POPULATION
The rising ageing population in South Korea has triggered the demand for the insurance
products…
ASIA-PACIFIC INSURANCE INDUSTRY FUTURE
OUTLOOK
….Overall, the market of the Asia-Pacific insurance is expected to grow at a CAGR of 11.2%
from 2013-2016. The market in the near future is expected to witness consolidation and higher
competition level with the entrance of more global players in the market…
ASIA-PACIFIC INSURANCE INDUSTRY FUTURE PROJECTIONS
BY GEOGRAPHY, 2013-2016
The Asia-Pacific Insurance industry is expected to grow at a CAGR of 11.2% from 2013-2016
on account of the rising population in the emerging markets of Asia such as India and China. It is
anticipated that the total direct written premium of the insurance products will increase to USD ~
million in 2016 from USD ~ million in 2012…
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24. Table: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct
Written Premium in USD Million, 2013-2016
Countries 2013 2014 2015 2016
Japan
China
South Korea
Taiwan
India
Australia
Hong Kong
Singapore
Thailand
Malaysia
Indonesia
New Zealand
Philippines
Vietnam
Pakistan
Kazakhstan
Bangladesh
Sri Lanka
Total
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25. SOUTH KOREA INSURANCE INDUSTRY FUTURE
OUTLOOK AND PROJECTIONS, FY’2013-FY’2016
…Under the base case scenario analysis the market is expected to grow at a CAGR of 6.8% from
FY’2013-FY’2016 and is predicted to record direct written premium of USD ~ million in
FY’2016…
The worst case scenario analysis assumes that insurance industry will experience a marginal
growth of ~% in the next five years...
The best case scenario analysis predicts that the market will grow at a CAGR of 9.6% from
FY’2013-FY’2016 and is expected to record direct written premium of USD ~ million in
FY’2016….
Figure: South Korea Insurance Market Projections on the Basis of Direct Written
Premium in USD Million, FY’2013-FY’2016
2,50,000.0
2,00,000.0
1,50,000.0
USD Million
1,00,000.0
50,000.0
0.0
FY'2013 FY'2014 FY'2015 FY'2016
Worst Case Base Case Best Case
Note:FY ending- 31st March
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26. CAUSE AND EFFECT RELATIONSHIP BETWEEN DEPENDENT AND
INDEPENDENT FACTORS PREVAILING IN SOUTH KOREA
INSURANCE MARKET
Table: Cause and Effect Relationship Analysis between Industry Factors and Expected
Industry Prospects of South Korea Insurance Market
Industry Factors Market Impact Comments
Strict Government  Cause:
Regulations and  Positive Effect:
Support
 Negative Effect:.
Ageing
Population  Cause:
 Effect:
Increasing  Cause:
Consumer  Effect:.
Spending
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27. DISCLAIMER
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specified fee. Requests to republish any material may be sent to us.
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© This is a licensed product of Ken Research and should not be copied