2013-09-30 05:16:22 - Recently published research from Business Monitor International, "South Korea Insurance Report Q4 2013", is now available at Fast Market Research
The competitive landscape of South Korea's insurance sector continues to be dominated by massive companies that are members of the local chaebol corporate groups. Overall, the sector appears mature by many standards. Nevertheless, the ongoing growth in health insurance and long-term insurance is underpinning the development of the non-life segment. In the life segment, particular companies are exploiting the growing demand for annuities.
As of mid-2013, BMI remains of the view that the market is an attractive opportunity for large multinational companies in both segments.
In the life segment, demand for annuities is being boosted by the ageing of the population and by success on the part of particular insurers in lifting the productivity of some distribution channels. The non-life companies are
achieving double-digit growth in premiums - but thanks mainly to rising demand for longterm products. The long-term products would in most other countries be offered by companies in the life segment. Moreover, recent legal changes have lifted demand for particular non-life lines (such as compulsory liability insurance for managers of public facilities).
Full Report Details at
- www.fastmr.com/prod/686323_south_korea_insurance_report_q4_2013. ..
Nevertheless, there are challenges. The environment of low economic growth and low interest rates means that it has become harder for the leading life companies to offer annuities that are both attractive to the customers and profitable for them. Several of the leading regional life insurance companies, such as Allianz, Prudential plc and AIA, have emphasised how they are shunning unprofitable business in South Korea in the reports that they published through 2012. This is at a time that the regulator is increasing its requirements in relation to capital.
For the foreseeable future, both segments will continue to be dominated by the offshoots of the chaebol corporate groups that dominate South Korea's economy, even if some of these insurers are listed companies. Nevertheless, a wildcard, and a positive one, is the change of shareholding in Kyobo Life. New private equity/institutional shareholders will probably guide South Korea's third largest life company towards a stock market listing. As of August 2013, ING has announced the sale of its life insurance operation in South Korea to MBK Partners, the country's largest private equity firm.
Report Table of Contents:
BMI Industry View
- Table: South Korea Total Premiums, 2010-2017
- Business Environment
- Table: South Korea Life Premiums, 2010-2017
- Non Life
- Table: South Korea Total Non-Life Premiums, 2010-2017
Industry Risk Reward Ratings
- Asia-Pacific Industry Risk/Reward Ratings
- Table: Asia-Pacific Insurance Risk/Reward Ratings
- South Korea Insurance Risk/Reward Ratings
- Table: South Korea's Insurance Risk/Reward Ratings
- Life Sector Update
- Non Life Sector Update
Industry Trends And Developments
- Life Growth Drivers And Risk Management Projections
- Table: Insurance Key Drivers, Demographics 2010-2017
- Non Life Growth Drivers And Risk Management Projections
- Macroeconomic Outlook
- Political Stability Outlook
- Table: Asia Pacific Regional Security Ratings
- Healthcare System
- Healthcare Financing
- National Health Insurance Corporation
- Table: Insurance Key Drivers, Disease Adjusted Life Years, 2010-2017
- Table: Insurance Key Drivers, Autos, 2010-2017
- South Korea Competitive Landscape
- Asia Pacific Competitive Landscape
- AIA Group
- American International Group (AIG)
- Hanwha Life
- Hyundai Marine & Fire Insurance
- Prudential plc
- Samsung Fire & Marine
- Samsung Life
- Asia Life Sector Overview
- Table: Asia Pacific Life Premiums, 2010-2017 (US$mn)
- Asia Non Life Sector Overview
- Table: Asia Pacific's Non-Life Premiums, 2010-2017 (US$mn)
- Demographic Outlook
- Table: South Korea's Population By Age Group, 1990-2020 ('000)
- Table: South Korea's Population By Age Group, 1990-2020 (% of total)
- Table: South Korea's Key Population Ratios, 1990-2020
- Table: South Korea's Rural And Urban Population, 1990-2020
- Insurance Risk/Reward Ratings
- Table: Insurance Risk/Reward Ratings Indicators And Rationale
- Table: Weighting Of Indicators
About Business Monitor International
Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
For more information about these or related research reports, please visit our website at www.fastmr.com
or call us at 1.800.844.8156.