subject: South Korea Insurance Market Intelligence - Market Research Report On Aarkstore Enterprise. [print this page] South Korea Insurance Market Intelligence "The South Korean insurance industry has come a long way from being a largely closed industry to being an open industry now, due to several changes that happened in the last few decades. The industry witnessed a good growth on the back of Liberalization of the domestic insurance industry, increasing awareness of insurance products, demand for long-term and motor insurance products, development of new sales channels, as well as the growing economy are few of the leading factors which aided the growth of the insurance industry. In South Korea, life insurance market accounts for a larger share of the South Korean insurance business. The domestic consumers slow uptake in general insurance products has restricted non-life insurance business growth
South Korea is ranked sixth among the few countries in terms of per capita expenditure on insurance in the Asia Pacific region. The insurance penetration rate is considerably higher yet it is notably less in the non-life insurance segment. Though the life segment is projected to dominate the insurance market in the coming years, the non-life segment is expected to record strong growth on account of increasing demand for long term insurance, cross-selling and online auto insurance sales.
The present report gives an overview of the South Korean insurance market along with an analysis of South Koreas political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the South Korean insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
Table of Contents :
1. Industry Snapshot
1.1 Industry Structure
1.1.1 Opening of the Sector Led to Overall Improvement in the Insurance Industry
1.2 Market Overview
1.2.1 Market Size & Growth
1.2.1.1 South Korea has been Growing at a High Rate over the Last Couple of Years
1.2.1.2 Increase in Awareness and Income Led to Growth in the Insurance Industry
1.2.1.3 Economic Slowdown has Negatively Impacted the Growth of Industry
1.2.2 Market Segments
1.2.2.1 Life is the Largest Segment of the South Korean Insurance Business
1.2.2.2 New Products, Higher Income and Savings Led to Growth in Life Segment
1.2.2.3 Koreas Non-Life Business Segment has been Recording Growth
1.2.2.4 Long-term and Automobile Insurance, Two Main Lines of Non-Life Segment
1.2.3 Market Density & Penetration
1.2.3.1 One of the Highest Insurance Densities in the Asia Pacific Region
1.2.3.2 Life Segment has Higher Penetration Compared to Non-Life Segment
1.2.4 Market Share
1.2.4.1 Declining Market Share of Large Life Insurance Companies
1.2.4.2 Four Players Dominate the Non-Life Insurance Market of South Korea
2. Industry Analysis
2.1 Industry Developments
Launch of New Products
Mergers & Acquisitions
Regulations
2.2 Market Drivers
Strong Economic Growth
Increasing Disposable Income
Growth in Motor Insurance Market
Potential in Long-term Insurance Market
3. Country Analysis: Risk Assessment
3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections
4. Industry Outlook: Forecast and Projections
4.1 The South Korean Insurance Market is Expected to Witness High Growth Rate
4.2 Life Segment will Continue to Dominate the Insurance Market
4.3 In Non-Life, Long-term and Motor Insurance are Expected to Continue Recording Growth
4.4 Health Insurance is Expected to Register High Growth in the Coming Years
