Abstract
RNCOS' report "South Korean Insurance Industry Analysis (2007)" provides extensive research and objective analysis of the growing insurance industry, its product quality, and services in South Korea. This report helps to analyze the leading-edge opportunities critical to the success of the insurance industry in South Korea. Detailed data and analysis helps investors, financial service providers, and global banking players to navigate through the evolving insurance market in South Korea.
Key Findings
- Pension market and investment-linked products will drive the future market of South Korea.
- With arrival of foreign insurers, customization of the insurance products has become the new buzzword (like Pension Schemes).
- Health insurance market is showing a northward trend.
- "Assurance bank" has emerged as the new concept in the South Korean insurance industry.
- Growth of direct channel (includes Internet, telemarketing, home shopping, bank and direct contact with insurance agents is not taken under this) in South Korean insurance sector.
Key Issues and Facts Analyzed
The research report also addresses the issues and facts that are critical to business success:
- What are the marketing strategies of the players in the insurance industry?
- How is the growth in health insurance driving the insurance sector in South Korea?
- What are the opportunities for the players in this industry and what are the challenges to sustain the growth of insurance market in South Korea?
- What will be the prospective areas of investments in the insurance industry in the near future?
- Which factors will lead to the growth of life and non-life insurance sector in South Korea?
Key Products Analyzed
Key products of the insurance sector, like Life and Non-life Insurance, have been analyzed prudently in the report supplemented with the facts like revenue growth and market trends.
Key Players
This section provides an overview of some of the key players operating in this industry in various sub-sectors, like in Life Insurance Sector - Samsung Life Insurance Co. Ltd., Korea Life Insurance, Kyobo Life Insurance & KB Life are the flag holders while in Non-life Insurance Sector - Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance Co. Ltd., Dongbu Insurance are the leaders. In Reinsurance Sector - Korean Reinsurance Company is the key name.
Research Methodology Used
Information Sources
Information has been sourced from numerous sources like Books, Newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and through access to more than 3000 paid databases.
Analysis Methods
The analysis methods includes the following: Ratio Analysis, Historical Trend Analysis, Linear Regression Analysis using software tools, Judgmental Forecasting and Cause and Effect Analysis.
Table of Contents
1. Analyst View
2. Research Overview
3. Global Insurance Industry
- 3.1 Top Insurance Companies
- 3.2 Reinsurance Market
- 3.2.1 Top Reinsurers
4. Global Insurance Premium
- 4.1 South Korea Insurance in Global Context
- 4.2 Global - Insurance Industry Forecast (2007-2009)
5. South Korea Insurance
- 5.1 Insurance Industry - Current Scenario
- 5.2 Life Insurance
- 5.3 Product Distribution
- 5.3.1 Pure Endowment Policy
- 5.3.2 Death Insurance Policy
- 5.3.3 Endowment Insurance Policy
- 5.3.4 Group Insurance Policy
- 5.3.5 Bancassurance
- 5.3.6 Other Policies
- 5.4 General Insurance (Non-life Insurance)
- 5.4.1 Fire Insurance
- 5.4.2 Marine Insurance
- 5.4.3 Casualty Insurance
- 5.4.4 Automobile Insurance
- 5.4.5 Long-Term Insurance & Private Annuity
- 5.5 Top 10 Life & Non-Life Insurance Companies
- 5.5.1 Life Insurance Companies
- 5.5.2 Non-Life Insurance Companies
6. Industry Analysis
- 6.1 Driving Forces
- 6.1.1 Ageing Population
- 6.1.2 Huge Market in Future for Investment-Linked Products
- 6.1.3 Direct Channel Growth
- 6.1.4 Insurers to Sell Deposit Products
- 6.2 Opportunities
- 6.2.1 More Scope for Newer Products
- 6.2.2 Growing Healthcare Market
- 6.2.3 Customization of Products such as Pension Schemes
- 6.3 Challenges
- 6.3.1 Talent Crunch
- 6.3.2 Poor Professional Expertise & English
- 6.4 Future Outlook (2007-2011)
7. Key Players
- 7.1 Life Insurance
- 7.1.1 Samsung Life Insurance Co., Ltd.
- 7.1.2 Korea Life Insurance
- 7.1.3 Kyobo Life Insurance
- 7.1.4 KB Life
- 7.2 Non-Life Insurance
- 7.2.1 Samsung Fire & Marine Insurance
- 7.2.2 Hyundai Marine & Fire Insurance Co., Ltd.
- 7.2.3 Dongbu Insurance
8. Reinsurance Company
- 8.1 Korean Reinsurance Company
List of Figures:
- Figure 3-1: Global - Share of Life & Non-Life Insurance Premiums (%), 2005
- Figure 4-1: Global - Forecast for Insurance Market (in Billion US$), 2007-2009
- Figure 5-1: South Korea - Insurance Premiums of Pure Endowment Policy (in Trillion Won), 2003-2005
- Figure 5-2: South Korea - Insurance Premiums of Death Insurance Policy (in Trillion Won), 2003-2005
- Figure 5-3: South Korea - Insurance Premium of Endowment Insurance Policy (in Trillion Won), 2003-2005
- Figure 5-4: South Korea - Insurance Premium of Group Insurance Policy (in Trillion Won), 2003-2005
- Figure 5-5: South Korea - Fire Insurance Premium (in Billion Won), 2004 & 2005
- Figure 5-6: South Korea - Marine Insurance Premium (in Billion Won), 2004 & 2005
- Figure 5-7: South Korea - Casualty Insurance Premium (in Billion Won), 2004 & 2005
- Figure 5-8: South Korea - Automobile Insurance Premium (in Billion Won), 2004 & 2005
- Figure 5-9: South Korea - Long-Term Insurance Premium (in Billion Won), 2004 & 2005
- Figure 6-1: South Korea - Forecast for Insurance Premiums (in Billion Won), 2007-2011
List of Tables:
- Table 3-1: Global - Life & Non-Life Insurance Premiums (in Million US$), 1995-2006E
- Table 3-2: Global - Top Insurance Players by Revenue (in Million US$), 2006
- Table 3-3: Global - Top Property/Casualty Insurance Companies by Revenue (in Million US$), 2006
- Table 3-4: Global - Top Life/Health Insurance Companies by Revenue (in Million US$), 2006
- Table 3-5: Global - Top Reinsurers by Net Reinsurance Premiums Written (in Million US$), 2005 & 2006
- Table 3-6: Global - Top Insurance Brokers by Revenue (in Million US$), 2006
- Table 4-1: Global - Development in the Major Insurance Markets (in Billion US$), 2005
- Table 4-2: Global - Leading Insurance Countries by Direct Premiums Written (in Millions US$), 2005
- Table 5-1: South Korea - Annual GDP & Growth Trend of Insurance Premiums (in Billion Won), 2001-2005
- Table 5-2: South Korea - Number of Employees & Offices in Life Insurance (2003-2005)
- Table 5-3: South Korea - Number of Employees, Insurance Solicitors & Insurance Agents in General Insurance Market, 2005
- Table 5-4: South Korea - Top 10 Life Insurance Companies Ranked by Assets (in Billion Won), Sep. 2006
- Table 5-5: South Korea - Top 10 Non-Life Insurance Companies by Assets (in Billion Won), Sep. 2006
- Table 7-1: Hyundai Marine & Fire Insurance Co., Ltd. - Financial Overview (in Trillion Won), 2004-2006
- Table 8-1: Korean Reinsurance Company - Financial Overview (in Billion Won), 2004-2006
