Non-Life Insurance in South Korea, Key Trends and Opportunities to 2020

Non-Life Insurance in South Korea, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Non-Life Insurance in South Korea Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the South Korean non-life insurance segment, and a comparison of the South Korean insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the South Korean economy and demographics, explains the various types of natural hazard and their impact on the South Korean insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Non-Life Insurance in South Korea Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the South Korean non-life insurance segment, including:

The South Korean non-life segment's detailed outlook by product category

A comprehensive overview of the South Korean economy and demographics

A comparison of the South Korean non-life insurance segment with its regional counterparts

The various distribution channels in the South Korean non-life insurance segment

Detailed analysis of natural hazards and their impact on the South Korean insurance industry

Details of the competitive landscape in the non-life insurance segment in South Korea

Details of regulatory policy applicable to the South Korean insurance industry

Scope

This report provides a comprehensive analysis of the non-life insurance segment in South Korea:

It provides historical values for the South Korean non-life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the South Korean non-life insurance segment, and market forecasts to 2020.

It provides a comparison of the South Korean non-life insurance segment with its regional counterparts.

It analyzes the various distribution channels for non-life insurance products in South Korea.

It analyzes various natural hazards and their impact on the South Korean insurance industry.

It profiles the top non-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 non-life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean non-life insurance segment.

Assess the competitive dynamics in the non-life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the South Korean insurance industry, and their impact on companies and the industry's future.

Key Highlights

The direct written premium of the South Korean non-life segment increased at a review-period CAGR of 4.8%.

In November 2015, the Financial Services Commission (FSC) proposed to restrict the amount of claim payouts in motor insurance.

Robust economic growth following the global downturn and the strong performance of non-life insurance policies-especially in the property and motor categories-were the key drivers of growth for the segment.

The FSC is planning to relax licensing rules and minimum capital requirements for non-life insurance companies which want to sell general policies such as bicycle and glass insurance.

Motor insurance was the largest non-life category, accounting for 62.0% of the segment's gross written premium in 2015.

South Korean non-life insurance is one of the fastest-growing segments in Asia-Pacific. It is highly concentrated, with the 10 leading companies accounting for 95.2% of the segment's total gross written premium in 2015.



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies Sold

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies Sold

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product Overview

5.3.2 Premium

5.3.3 Policies Sold

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product Overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Direct marketing

6.1.3 Bancassurance

6.1.4 E-commerce

6.1.5 Insurance brokers

6.1.6 Other channels

7 Natural Hazards

7.1 Flooding

7.2 Cyclones and Storms

7.3 Earthquakes

7.4 Droughts

7.5 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Samsung Fire & Marine Insurance Co., Ltd-company overview

8.1.2 Hyundai Marine & Fire Insurance Co., Ltd-company overview

8.1.3 Dongbu Insurance Co., Ltd-company overview

8.1.4 KB Insurance Co., Ltd.-company overview

8.1.5 Meritz Fire & Marine Insurance Co., Ltd-company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Workers' compensation insurance

9.4.3 Liability insurance for buildings to cover third-party bodily injury caused by fire

9.4.4 Fire legal liability insurance

9.4.5 Liability insurance for damage caused by gas accidents

9.4.6 eBiz Liability insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Financial Services Commission

9.5.3 Financial Supervisory Service

9.5.4 Korea Life Insurance Association

9.5.5 General Insurance Association of Korea

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Bancassurance and Other Distribution Channels

10.7 Property Insurance

10.8 Property Insurance by Product

10.9 Motor Insurance

10.1 Motor Insurance by Product

10.11 Liability Insurance

10.12 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 Disclaimer

Figure 1: South Korean Real GDP (KRW Trillion), 2011-2020

Figure 2: South Korean KRW-US$ Exchange Rate,2011-2020

Figure 3: South Korean Consumer Price Inflation (%), 2011-2020

Figure 4: South Korean Current Account Balance as Percentage of GDP (%), 2011-2015

Figure 5: South Korean Unemployment Rate (%), 2011-2020

Figure 6: South Korean Population by Age Group, 1991-2025

Figure 7: South Korean Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: South Korean Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: South Korean Non-Life Insurance-Gross Written Premium (KRW Trillion), 2011-2020

Figure 10: South Korean Non-Life Insurance-Penetration (%), 2011-2020

Figure 11: South Korean Non-Life Insurance-Premium per Capita (KRW), 2011-2020

Figure 12: South Korean Non-Life Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 13: South KoreanNon-Life Insurance-Paid Claims (KRW Billion), 2011-2020

Figure 14: South Korean Non-Life Insurance-Profitability Ratio (%), 2011-2020

Figure 15: South KoreanNon-Life Insurance-Total Assets (KRW Trillion), 2011-2020

Figure 16: South Korean Non-Life Insurance-Total Investment Income (KRW Trillion), 2011-2020

Figure 17: South KoreanNon-Life Insurance-Investment Portfolio (KRW Trillion), 2011-2020

Figure 18: South Korean Non-Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 19: South Korean Non-Life Insurance-Direct Written Premium by Category (KRW Trillion), 2011-2020

Figure 20: South Korean Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 21: South Korean Property Insurance-Direct Written Premium by Sub-Category (KRW Trillion), 2011-2020

Figure 22: South Korean Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 23: South Korean Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2020

Figure 24: South Korean Property Insurance-Paid Claims (KRW Billion), 2011-2020

Figure 25: South Korean Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (KRW Trillion and %), 2011-2020

Figure 26: South Korean Motor Insurance-Total Registered Vehicles by Type , 2011-2015

Figure 27: South Korean Motor Insurance-Number of Registered Vehicles by Type (%), 2014 and 2015

Figure 28: South Korean Motor Insurance-Direct Written Premium by Sub-Category (KRW Trillion), 2011-2020

Figure 29: South Korean Motor Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 30: South Korean Motor Insurance-Paid Claims (KRW Trillion), 2011-2020

Figure 31: South Korean Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (KRW Billion and %), 2011-2020

Figure 32: South Korean Liability Insurance-Direct Written Premium (KRW Billion), 2011-2020

Figure 33: South Korean Liability Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 34: South Korean Liability Insurance-Paid Claims (KRW Billion), 2011-2020

Figure 35: South Korean Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (KRW Billion and %), 2011-2020

Figure 36: South Korean Marine, Aviation and Transit Insurance-Direct Written Premium (KRW Trillion), 2011-2020

Figure 37: South Korean Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 38: South Korean Marine, Aviation and Transit Insurance-Paid Claims (KRW Billion), 2011-2020

Figure 39: South Korean Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (KRW Billion and %), 2011-2020

Figure 40: South KoreanNon-Life Insurance-Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 41: South Korean-Frequency of Hazards by Type, 1990-2014

Figure 42: South Korean Mortality by Hazards Type, 1990-2014

Figure 43: South Korean Economic Loss by Hazards Type, 1990-2014

Figure 44: South Korean Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 45: South Korea-Insurance Supervision and Control at Various Levels

Figure 46: South Korea-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: South Korean Non-Life Insurance-Key Facts, 2015

Table 2: South Korean Non-Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: South Korean Government Credit Ratings

Table 4: South Korean Non-Life Insurance-Gross Written Premium (KRW Trillion and US$ Billion), 2011-2015

Table 5: South Korean Non-Life Insurance-Penetration (%), 2011-2015

Table 6: South Korean Non-Life Insurance-Gross Written Premium (KRW Trillion and US$ Billion), 2015-2020

Table 7: South Korean Non-Life Insurance-Penetration (%), 2015-2020

Table 8: South Korean Non-Life Insurance-Premium per Capita (KRW and US$), 2011-2015

Table 9: South Korean Non-Life Insurance-Premium per Capita (KRW and US$), 2015-2020

Table 10: South Korean Non-Life Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 11: South Korean Non-Life Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 12: South Korean Non-Life Insurance-Paid Claims (KRW Trillion and US$ Billion), 2011-2015

Table 13: South Korean Non-Life Insurance-Paid Claims (KRW Trillion and US$ Billion), 2015-2020

Table 14: South Korean Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 15: South Korean Non-Life Insurance-Profitability Ratio (%), 2015-2020

Table 16: South Korean Non-Life Insurance-Total Assets (KRW Trillion and US$ Billion), 2011-2015

Table 17: South Korean Non-Life Insurance-Total Assets (KRW Trillion and US$ Billion), 2015-2020

Table 18: South Korean Non-Life Insurance-Total Investment Income (KRW Trillion and US$ Billion), 2011-2015

Table 19: South Korean Non-Life Insurance-Total Investment Income (KRW Trillion and US$ Billion), 2015-2020

Table 20: South Korean Non-Life Insurance-Investment Portfolio (KRW Trillion), 2011-2015

Table 21: South Korean Non-Life Insurance-Investment Portfolio (KRW Trillion), 2015-2020

Table 22: South Korean Non-Life Insurance-Direct Written Premium by Category (KRW Billion),2011-2015

Table 23: South Korean Non-Life Insurance-Direct Written Premium by Category (KRW Billion), 2015-2020

Table 24: South Korean Property Insurance-Direct Written Premium by Sub-Category (KRW Billion), 2011-2015

Table 25: South Korean Property Insurance-Direct Written Premium by Sub-Category (KRW Billion), 2015-2020

Table 26: South Korean Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2015

Table 27: South Korean Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2015-2020

Table 28: South Korean Property Insurance-Paid Claims (KRW Trillion and US$ Billion), 2011-2015

Table 29: South Korean Property Insurance-Paid Claims (KRW Trillion and US$ Billion), 2015-2020

Table 30: South Korean Property Insurance-Loss Ratio (%), 2011-2015

Table 31: South Korean Property Insurance-Loss Ratio (%), 2015-2020

Table 32: South Korean Motor Insurance-Direct Written Premium by Sub-Category (KRW Trillion), 2011-2015

Table 33: South Korean Motor Insurance-Direct Written Premium by Sub-Category (KRW Trillion), 2015-2020

Table 34: South Korean Motor Insurance-Paid Claims (KRW Trillion and US$ Billion), 2011-2015

Table 35: South Korean Motor Insurance-Paid Claims (KRW Trillion and US$ Billion), 2015-2020

Table 36: South Korean Motor Insurance-Loss Ratio (%), 2011-2015

Table 37: South Korean Motor Insurance-Loss Ratio (%), 2015-2020

Table 38: South Korean Liability Insurance-Direct Written Premium by Sub-Category (KRW Billion), 2011-2015

Table 39: South Korean Liability Insurance-Direct Written Premium by Sub-Category (KRW Billion), 2015-2020

Table 40: South Korean Liability Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 41: South KoreanLiability Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 42: South Korean Liability Insurance-Paid Claims (KRW Billion and US$ Million), 2011-2015

Table 43: South Korean Liability Insurance-Paid Claims (KRW Billion and US$ Million), 2015-2020

Table 44: South Korean Liability Insurance-Loss Ratio (%), 2011-2015

Table 45: South Korean Liability Insurance-Loss Ratio (%), 2015-2020

Table 46: South Korean Transport Network-Global Rankings

Table 47: South Korean Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (KRW Billion), 2011-2015

Table 48: South Korean Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (KRW Billion), 2015-2020

Table 49: South Korean Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 50: South Korean Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 51: South Korean Marine, Aviation and Transit Insurance-Paid Claims (KRW Billion and US$ Million), 2011-2015

Table 52: South Korean Marine, Aviation and Transit Insurance-Paid Claims (KRW Billion and US$ Million), 2015-2020

Table 53: South Korean Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 54: South Korean Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 55: South Korean Non-Life Insurance-Direct Written Premium by Distribution Channel (KRW Billion), 2011-2015

Table 56: South Korean Non-Life Insurance-Direct Written Premium by Distribution Channel (KRW Billion), 2015-2020

Table 57: South Korean Non-Life Insurance-Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011-2020

Table 58: South Korean Average Annual Loss by Hazard, 1990-2014

Table 59: South Korean Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Table 60: Samsung Fire & Marine Insurance Co., Ltd-Key Facts

Table 61:-Samsung Fire & Marine Insurance Co., Ltd-Key Financials (KRW Billion), 2011-2015

Table 62: Hyundai Marine & Fire Insurance Co., Ltd-Key Facts

Table 63:-Hyundai Marine & Fire Insurance Co., Ltd-Key Financials (KRW Billion), 2011-2015

Table 64: Dongbu Insurance Co., Ltd-Key Facts

Table 65:-Dongbu Insurance Co., Ltd-Key Financials (KRW Billion), 2011-2015

Table 66: KB Insurance Co., Ltd.-Key Facts

Table 67:-KB Insurance Co., Ltd.-Key Financials (KRW Billion), 2011-2015

Table 68: Meritz Fire & Marine Insurance Co., Ltd-Key Facts

Table 69:-Meritz Fire & Marine Insurance Co., Ltd-Key Financials (KRW Billion), 2011-2015

Table 70: South Korea-Insurance Regulatory Framework Key Features

Table 71: South Korea-Life Insurance Regulatory Framework

Table 72: South Korea-Property Insurance Regulatory Framework

Table 73: South Korea-Motor Insurance Regulatory Framework

Table 74: South Korea-Liability Insurance Regulatory Framework

Table 75: South Korea-Corporate Tax Rates for the Financial Year 2016

Table 76: South Korean Insurance Industry-Policies and Premium, 2011-2015

Table 77: South Korean Insurance Industry-Policies and Premium, 2015-2020

Table 78: South Korean Non-Life Insurance-Claims and Expenses, 2011-2015

Table 79: South Korean Non-Life Insurance-Claims and Expenses, 2015-2020

Table 80: South Korean Non-Life Insurance-Assets and Investments, 2011-2015

Table 81: South Korean Non-Life Insurance-Assets and Investments, 2015-2020

Table 82: South Korean Non-Life Insurance-Direct Marketing and E-Commerce, 2011-2015

Table 83: South Korean Non-Life Insurance-Direct Marketing and E-Commerce, 2015-2020

Table 84: South Korean Non-Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 85: South Korean Non-Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 86: South Korean Non-Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 87: South Korean Non-Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 88: South Korean Non-Life Insurance-Property Insurance, 2011-2015

Table 89: South Korean Non-Life Insurance-Property Insurance, 2015-2020

Table 90: South Korean Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 91: South Korean Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 92: South Korean Non-Life Insurance-Motor Insurance, 2011-2015

Table 93: South Korean Non-Life Insurance-Motor Insurance, 2015-2020

Table 94: South Korean Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 95: South Korean Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 96: South Korean Non-Life Insurance-Liability Insurance, 2011-2015

Table 97: South Korean Non-Life Insurance-Liability Insurance, 2015-2020

Table 98: South Korean Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 99: South Korean Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 100: Insurance Industry Definitions

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Samsung Fire & Marine Insurance Co., Ltd, Hyundai Marine & Fire Insurance Co.,Ltd, Dongbu Insurance co., Ltd, KB Insurance Co., Ltd, Meritz Fire & Marine Insurance Co. Ltd, Hanwha Non-Life Insurance Co., Ltd, Heungkuk Fire & Marine Insurance Co., Ltd, NongHyup Property & Casualty Insurance Co., Ltd, Lotte Insurance Co., Ltd, Seoul Guarantee Insurance Company

Non-life insurance, Economy and demographics, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Agencies, Insurance brokers, Direct marketing, Natural hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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