South Korea Insurance Market Analysis and Growth Report, 2018
South Korea Insurance Market Analysis and Growth Report, 2018

Report Summary:

researchFOLKS’ ’‘South Korea Insurance Market Analysis” report offers a retrospective analysis of trends and events occurred in the industry in the recent few years with forward looking statements and also a comprehensive view on the impact of growing customer data volume and technology adoption in the industry. The report also provides accurately validated market statistics of both life and non-life segments along with the future projections till 2022. 

Technology, connectivity and internet usage has revolutionized the industry and offering huge growth opportunities for the insurers, which is encouraging them to pursue innovation with data and technology providers in order to improve their capabilities and product offerings. However, this has created evolving risks from cyber threats. In our report, we pinpoint how the insurers are responding to changing technology landscape and addressing cyber related issues in greater detail.

Our report also touches on various innovative distribution channels adopted by insurers, market growth drivers, emerging technologies in the market and industry benchmarking with other peer countries and their relative market positioning for both life and non-life business segments. In addition, the report also touches on regulatory framework, and broader implications of regulatory policy changes on insurance market.

Insurance Market in South Korea - Highlights of the report:

According to the information from the Financial Supervisory Service (FSS), the combined net profit of insurance industry of South Korea has increased by 33% to reach USD7.21 billion in 2017. Life insurance segment has recorded a combined net profit increase of 63.4% and non-life insurance segment growth by 11.8%.

The Financial Services Commission (FSC) of South Korea implements the financial policies, laws and regulations related to the insurance industry and authorizes the licenses for the new establishments. To increase the customer interest towards insurance policy, the FSC has decided to decrease the minimum capital requirements for digital-only insurance companies in the region.

The rally in stock markets, increase in income from dividends, and rise in interest rates have improved the life insurance segment of the country. In the same way, increase in the loss ratio of motor insurance improved the non-life insurance segment. Increase in the interest rates has helped both life and non-life insurers to increase their investment incomes.

The modifications in The Financial Services Commission and the Financial Supervisory Service policy regarding the health management related services is encouraging the insurers to invest in technologies like artificial intelligence platforms, mobile applications, cloud storage and big data analysis to augment their customer offerings.

List of Companies mentioned in the report:

    • Samsung Insurance
    • Dongbu Insurance
    • Hyundai Marine & Fire Insurance
    • Hanwha Life Insurance
    • Kyobo
    • DB Insurance
    • General Insurance Association of Korea
    • KB Life Insurance, Kumho Life
    • Lotte Insurance
    • Meritz
    • Mirae Asset Financial Group
    • Seoul Guarantee Insurance Company

Scope of the report:

    • The overview of insurance industry market and comprehensive analysis of the market drivers
    • It provides conventional and contemporary information about insurance market and predictions till 2022
    • It details the emerging technologies and various distribution channels adopted by insurers to improve the customer base and their economic, regional and business impact on the overall industry
    • Opportunities presented by Insurtech startups to the insurers, investment in Insurtech companies and key trends to watch in Insurtech market
    • Detailed information about existing market leaders, their strategies and government policies driving insurance market

Key Questions answered by the report:

    • What is the penetration rate of life and non-life insurance business segments; and the futuristic overview?
    • Who are the leading insurers in the market and what strategies they are adopting to maintain leadership positions?
    • What are the growth opportunities provided by the alternative distribution channels to the insurance market?
    • How are the emerging technologies and new product launches affecting the local insurers of the country?

Reasons to purchase this report:

    • Enhance the decision-making with the comprehensive information about trends, conventional statistics, and forecast for next five years
    • Understand the competitive landscape in the insurance industry and their marketing strategies
    • Unfold hidden growth opportunities with the use of data about emerging transitions in the market and customer transactional behaviors
    • Broaden the insight about regulatory policies and frameworks that impact insurance industry market
Table of Contents:

1. Definitions

2. Research Methodology

2.1 Research Process

2.1.1 Market Sizing

2.1.2 Competitor Analysis

2.1.3 Market Forecasting

2.1.4 Quality Control Process

3. Executive Summary

4. Industry Benchmarking with Peer Countries

5. Market Attractiveness

6. Regulatory Framework

7. SWOT Analysis

8. Porter’s Five Forces Analysis

9. InsurTech Landscape

10. Industry Enablers/Growth Drivers

11. Market analysis by business segment

12. Market Analysis by Distribution Channels

13. Key Industry Developments

14. Industry Outlook

15. Key Operators in the Market – Company Profiles

16. Appendix

16.1 Industry Stats


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