South Korea Insurance Market Driven by Traditional Distribution Channel: Ken Research

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© This is a licensed product of Ken Research and should not be copied

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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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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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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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10.1.2. Business Strategies

10.1.3. Financial Performance

10.2. Hanwha Life



10.3. Kyobo Life




11. Company Profile of Major Players in South Korea Non-Life Insurance Industry

11.1. Hyundai Marine and Fire Insurance




11.2. LIG Insurance




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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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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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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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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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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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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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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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

0.0

2,00,000.0

4,00,000.0

6,00,000.0

8,00,000.0

10,00,000.0

12,00,000.0

14,00,000.0

16,00,000.0

2005 2006 2007 2008 2009 2010 2011 2012P

USD

Mill

ion

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China insurance industry is one of the predominant markets in the insurance industry in the Asia-Pacific region with a contribution of ~% of the direct written premium in the region in 2012.

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 more than ~% in 2012…. The China insurance industry is one of the predominant markets in the insurance industry in the Asia-Pacific region with a contribution 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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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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The separate account insurance has also experienced a growth of 13.5% to USD ~ million in FY’2011

Figure: South Korea Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY’2005-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 increase in direct written premium of 10.9% from USD ~ million in FY’2010 to USD ~ million in FY’2011 due to

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...

0.0

20,000.0

40,000.0

60,000.0

80,000.0

1,00,000.0

1,20,000.0

1,40,000.0

FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011 FY'2012P

USD

Mill

ion

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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

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


0.0

0.2

0.4

0.6

0.8

1.0

1.2


In P

erce

ntag

e

Separate Account General Account

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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


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

Domestic

Foreign

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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

Note:FY ending- 31st March

0.0

10,000.0

20,000.0

30,000.0

40,000.0

50,000.0

60,000.0


USD

Mill

ion

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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


0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011

In P

erce

ntag

e %

Insurance Pools Broker Banks Company Employees Solicitors Agents

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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


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

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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


0.01,000.02,000.03,000.04,000.05,000.06,000.07,000.08,000.09,000.0

FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011

USD

Mill

ion

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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


1,230.0

1,240.0

1,250.0

1,260.0

1,270.0

1,280.0

1,290.0

1,300.0

1,310.0

1,320.0

FY'2013 FY'2014 FY'2015 FY'2016

USD

Mill

ion

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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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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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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


0.0

50,000.0

1,00,000.0

1,50,000.0

2,00,000.0

2,50,000.0

FY'2013 FY'2014 FY'2015 FY'2016

USD

Mill

ion

Worst Case Base Case Best Case

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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 Regulations and Support

Cause: Positive Effect: Negative Effect:.

Ageing Population

Cause: Effect:

Increasing Consumer Spending

Cause: Effect:.

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DISCLAIMER

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South Korea Insurance Market Driven by Traditional Distribution Channel: Ken Research

Documents

total vehicle production

direct written premium

insurance penetration rate

life distribution channel

automobile insurance industry

casualty insurance industry

guarantee insurance industry

life insurance segmentation