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1© This is a licensed product of Ken Research and should not be copied
TABLE OF CONTENTS1.     Asia-Pacific Insurance Industry1.1.   Industry Introduction1.2.   Asia-Pacific Insurance Market Si...
5.1.2. Long Term Insurance Segmentation, FY’2005-FY’2012P5.1.3. South Korea Long Term insurance Claim Paid, FY’2005-FY’201...
5.6.1. South Korea Marine Insurance Market Size, FY’2005-FY’2012P5.6.2. South Korea Marine insurance Claim Paid, FY’2005-F...
10.1.2. Business Strategies10.1.3. Financial Performance10.2. Hanwha Life10.2.1. Company Profile10.2.2. Business Strategie...
13.3. Research MethodologyData Collection MethodsApproachVariables (Dependent and Independent)Multi Factor Based Sensitivi...
Figure 11: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of DirectWritten Premium in Percenta...
Figure 26: South Korea Guarantee Insurance Market Claim Paid on the Basis of Direct WrittenPremium in USD Million, FY’2005...
Figure 42: South Korea Non-Life Insurance Direct Written Premium of LIG Insurance in USDMillion, FY’2007-FY’2012Figure 43:...
LIST OF TABLESTable 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of DirectWritten Premium in US...
Table 14: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on theBasis of Direct Written Premium...
ASIA-PACIFIC INSURANCE MARKET SIZE BY DIRECT WRITTENPREMIUM, 2005-2012PThe insurance market in Asia-Pacific region has gro...
ASIA-PACIFIC INSURANCE MARKET SEGMENTATIONBY GEOGRAPHY, 2005-2012PAsia-Pacific insurance industry is majorly contributed b...
NewZealandPhilippinesVietnamPakistanKazakhstanBangladeshSri LankaTotalSOUTH KOREA INSURANCE INDUSTRYSOUTH KOREA INSURANCE ...
Figure: South Korea Insurance Market Size on the Basis of Direct Written Premium inUSD Million, FY’2005-FY’2012P          ...
Figure: South Korea life Insurance Market Segmentation by General and SeparateAccount on the Basis of Direct Written Premi...
MARKET SHARE OF DOMESTIC AND FOREIGN INSURERS IN LIFEINSURANCE INDUSTRY IN SOUTH KOREA, FY’2011The country life insurance ...
SOUTH KOREA NON-LIFE INSURANCE MARKETSOUTH KOREA NON-LIFE INSURANCE MARKET SIZE, FY’2005-FY’2012P…In FY’2011, there are ~ ...
SOUTH KOREA NON LIFE DISTRIBUTION CHANNEL, FY’ 2005-FY’2011…In FY’2011, there are ~ insurance agents in the country which ...
Table: South Korea Non life Insurance Market Segmentation by Agents, Direct Sales andBroker on the Basis of Direct Written...
and ~ people were injured. In South Korea most of the accidents occurred in evening rush hourssuch as 6-8 PM contribute ~%...
SOUTH KOREA GUARANTEE INSURANCE INDUSTRYSOUTH KOREA GUARANTEE INSURANCE MARKET FUTUREOUTLOOK AND PROJECTION, FY’2013-FY’20...
SOUTH KOREA INSURANCE INDUSTRY TRENDS ANDDEVELOPMENTSRISING AGEING POPULATIONThe rising ageing population in South Korea h...
Table: Asia-Pacific Insurance Market Projections by Countries on the Basis of DirectWritten Premium in USD Million, 2013-2...
SOUTH KOREA INSURANCE INDUSTRY FUTUREOUTLOOK AND PROJECTIONS, FY’2013-FY’2016…Under the base case scenario analysis the ma...
CAUSE AND EFFECT RELATIONSHIP BETWEEN DEPENDENT ANDINDEPENDENT FACTORS PREVAILING IN SOUTH KOREAINSURANCE MARKETTable: Cau...
DISCLAIMERNo part of this manual or any material appearing may be reproduced, stored in or transmittedon any other Web sit...
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South Korea Insurance Market Driven by Traditional Distribution Channel: Ken Research

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

  1. 1. 1© This is a licensed product of Ken Research and should not be copied
  2. 2. TABLE OF CONTENTS1. Asia-Pacific Insurance Industry1.1. Industry Introduction1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P1.3. Asia-Pacific Insurance Market Segmentation1.3.1. By Geography, 2005-2012P1.3.2. By Life and Non Life, 2005-2012P1. South Korea Insurance Industry1.1. South Korea Insurance Value Chain1.2. South Korea Insurance Market Size by Direct Written Premium, FY’2005-FY’2012P2. South Korea Insurance Government Regulations3. South Korea Life Insurance Market3.1. South Korea Life Insurance Market Size, FY’2005-FY’2012P3.2. Life Insurance Segmentation, FY’2005-FY’2012P3.3. Market Share of Domestic and Foreign Insurers in Life Insurance Industry in SouthKorea, FY’20113.4. South Korea Life Insurance Market Future Outlook and Projection, FY’2013-FY’20164. South Korea Non-Life Insurance Market4.1. South Korea Non-Life Insurance Market Size, FY’2005-FY’2012P4.2. South Korea Non Life Distribution Channel, FY’ 2005-FY’20114.3. Market Share of Major Non Life Insurers in South Korea, FY’20115. Non-Life Insurance Segmentation, FY’2005-FY’2012P5.1. South Korea Long Term Insurance Industry5.1.1. South Korea Long Term Insurance Market Size, FY’2005-FY’2012P 2 © This is a licensed product of Ken Research and should not be copied
  3. 3. 5.1.2. Long Term Insurance Segmentation, FY’2005-FY’2012P5.1.3. South Korea Long Term insurance Claim Paid, FY’2005-FY’2011 45.1.4. Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry inSouth Korea, FY’20115.2. South Korea Long Term insurance Market Future Outlook and Projection, FY’2013-FY’20165.3. South Korea Automobile Insurance Industry5.3.1. South Korea Automobile Insurance Market Size, FY’2005-FY’2012P5.3.2. Automobile Insurance Segmentation, FY’2005-FY’2012P5.3.3. South Korea Automobile insurance Claim Paid, FY’2005-FY’20115.3.4. Market Share of Domestic and Foreign Insuerers in Automobile Insurance Industry inSouth Korea, FY’20115.3.5. South Korea Automobile insurance Market Future Outlook and Projection, Fy’2013-FY’20165.4. South Korea Casualty Insurance Industry5.4.1. South Korea Casualty Insurance Market Size, FY’2005-FY’2012P5.4.2. South Korea Casualty insurance Claim Paid, FY’2005-FY’2012P5.4.3. Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry in SouthKorea, FY’20115.4.4. South Korea Casualty insurance Market Future Outlook and Projection, FY’2013-FY’20165.5. South Korea Guarantee Insurance Industry5.5.1. South Korea Guarantee Insurance Market Size, FY’2005-FY’2012P5.5.2. South Korea Guarantee insurance Claim Paid, FY’2005-FY’20115.5.3. Market Share of Domestic and Foreign Insurers in Guarantee Insurance Industry in SouthKorea, FY’20115.5.4. South Korea Guarantee insurance Market Future Outlook and Projection, FY’2013-FY’20165.6. South Korea Marine Insurance Industry 3 © This is a licensed product of Ken Research and should not be copied
  4. 4. 5.6.1. South Korea Marine Insurance Market Size, FY’2005-FY’2012P5.6.2. South Korea Marine insurance Claim Paid, FY’2005-FY’20115.6.3. Market Share of Domestic and Foreign Insurers in Marine Insurance Industry in SouthKorea, FY’20115.6.4. South Korea Marine insurance Market Future Outlook and Projection, FY’2013-FY’20165.7. South Korea Fire Insurance Industry5.7.1. South Korea Fire Insurance Market Size, FY’2005-FY’2012P5.7.2. South Korea Fire insurance Claim Paid, FY’2005-FY’20115.7.3. Market Share of Domestic and Foreign Insurers in Fire Insurance Industry in SouthKorea, FY’20115.7.4. South Korea Fire insurance Market Future Outlook and Projection, FY’2013-FY’20166. South Korea Non-Life Insurance Market Future Outlook and Projection, FY’2013-FY’20167. South Korea Insurance Industry Trends and DevelopmentsEmergence of New Distribution ChannelRising Merger, Acquisitions and Joint VentureRising Ageing PopulationIncreasing Cyber Risk Insurance Need8. Asia-Pacific Insurance Industry Future Outlook8.1. Asia-Pacific Insurance Industry Future Projections8.1.1. By Geography, 2013-20169. South Korea Insurance Industry Future Outlook and Projections, FY’2013-FY’20169.1. Cause and Effect Relationship Between Dependent and Independent Factors Prevailing inSouth Korea Insurance Market10. Company Profile of Major Players in South Korea Life Insurance Industry10.1. Samsung Life10.1.1. Company Profile 4 © This is a licensed product of Ken Research and should not be copied
  5. 5. 10.1.2. Business Strategies10.1.3. Financial Performance10.2. Hanwha Life10.2.1. Company Profile10.2.2. Business Strategies10.3. Kyobo Life10.3.1. Company Profile10.3.2. Business Strategies10.3.3. Financial Performance11. Company Profile of Major Players in South Korea Non-Life Insurance Industry11.1. Hyundai Marine and Fire Insurance11.1.1. Company Profile11.1.2. Business Strategies11.1.3. Financial Performance11.2. LIG Insurance11.2.1. Company Profile11.2.2. Business Strategies11.2.3. Financial Performance12. South Korea Insurance Industry Macro-Economic Indicators: Historical and Projections12.1. South Korea Population, 2005-201612.2. GDP of South Korea, 2005-201612.3. Healthcare Expenditure of South Korea, 2005-201612.4. Total Vehicle Production in South Korea, 2005-201613. Appendix13.1. Market Definitions13.2. Abbreviations 5 © This is a licensed product of Ken Research and should not be copied
  6. 6. 13.3. Research MethodologyData Collection MethodsApproachVariables (Dependent and Independent)Multi Factor Based Sensitivity ModelFinal Conclusion13.4. DisclaimerLIST OF FIGURESFigure 1: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USDMillion, 2005-2012PFigure 2: Asia-Pacific Insurance Market Segmentation by Life and non Life on the Basis ofDirect Written Premium in Percentage, 2005-2012PFigure 3: Insurance Value ChainFigure 4: South Korea Insurance Market Size on the Basis of Direct Written Premium in USDMillion, FY’2005-FY’2012PFigure 5: South Korea Life Insurance Market Size on the Basis of Direct Written Premium inUSD Million, FY’2005-FY’2012PFigure 6: South Korea life Insurance Market Segmentation by General and Separate Account onthe Basis of Direct Written Premium in Percentage, FY’2005-FY’2012PFigure 7: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basisof Direct Written Premium in Percentage, FY’2011Figure 8: South Korea Life Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, FY’2013-FY’2016Figure 9: South Korea Non Life Insurance Market Size on the Basis of Direct Written Premiumin USD Million, FY’2005-FY’2012PFigure 10: South Korea Non life Insurance Distribution Channel by Agents, Solicitors, CompanyEmployees, Bank, Broker and Insurance Pools on the Basis of Direct Written Premium inPercentage, FY’2005-FY’2011 6 © This is a licensed product of Ken Research and should not be copied
  7. 7. Figure 11: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of DirectWritten Premium in Percentage, FY’2011Figure 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 inPercentage, FY’2005-FY’2012PFigure 13: South Korea Long Term Insurance Market Size on the Basis of Direct WrittenPremium in USD Million, FY’2005-FY’2012PFigure 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’2012PFigure 15: South Korea Long Term Insurance Market Claim Paid on the Basis of Direct WrittenPremium in USD Million, FY’2005-FY’2011Figure 16: Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry onthe Basis of Direct Written Premium in Percentage, FY’2011Figure 17: South Korea Automobile Insurance Market Size on the Basis of Direct WrittenPremium in USD Million, FY’2005-FY’2012PFigure 18: South Korea Automobile Insurance Market Segmentation by Voluntary andCompulsory Auto Liability Insurance on the Basis of Direct Written Premium in Percentage,2005-2012PFigure 19: South Korea Automobile Insurance Market Claim Paid on the Basis of Direct WrittenPremium in USD Million, FY’2005-FY’2011Figure 20: Market Share of Domestic and Foreign Insurers in Automobile Insurance Industry onthe Basis of Direct Written Premium in Percentage, FY’2011Figure 21: South Korea Casualty Insurance Market Size on the Basis of Direct Written Premiumin USD Million, FY’2005-FY’2012PFigure 22: South Korea Casualty Insurance Market Claim Paid on the Basis of Direct WrittenPremium in USD Million, FY’2005-FY’2011Figure 23: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on theBasis of Direct Written Premium in Percentage, FY’2011Figure 24: South Korea Casualty Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, FY’2013-FY’2016Figure 25: South Korea Guarantee Insurance Market Size on the Basis of Direct WrittenPremium in USD Million, FY’2005-FY’2012P 7 © This is a licensed product of Ken Research and should not be copied
  8. 8. Figure 26: South Korea Guarantee Insurance Market Claim Paid on the Basis of Direct WrittenPremium in USD Million, FY’2005-FY’2011Figure 27: Market Share of Domestic and Foreign Insurers in Guarantee Insurance Industry onthe Basis of Direct Written Premium in Percentage, FY’2011Figure 28: South Korea Guarantee Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, FY’2013-FY’2016Figure 29: South Korea Marine Insurance Market Size on the Basis of Direct Written Premiumin USD Million, FY’2005-FY’2012Figure 30: South Korea Marine Insurance Market Claim Paid on the Basis of Direct WrittenPremium in USD Million, FY’2005-FY’2011Figure 31: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on theBasis of Direct Written Premium in Percentage, FY’2011Figure 32: South Korea Marine Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, FY’2013-FY’2016Figure 33: South Korea Fire Insurance Market Size on the Basis of Direct Written Premium inUSD Million, 2005-2012PFigure 34: South Korea Fire Insurance Market Claim Paid on the Basis of Direct WrittenPremium in USD Million, FY’2005-FY’2011Figure 35: Market Share of Domestic and Foreign Insurers in Fire Insurance Industry on theBasis of Direct Written Premium in Percentage, FY’2011Figure 36: South Korea Fire Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, FY’2013-FY’2016Figure 37: South Korea Non life Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, FY’2013-FY’2016Figure 38: South Korea Insurance Market Projections on the Basis of Direct Written Premium inUSD Million, FY’2013-FY’2016Figure 39: South Korea Life Insurance Premium Income of Samsung Life in USD Million,FY’2005-FY’2011Figure 40: South Korea Life Insurance Premium Income of Kyobo Life in USD Million,FY’2006-FY’2011Figure 41: South Korea Non-Life Insurance Direct Written Premium of Hyundai Marine and FireInsurance in USD Million, FY’2005-FY’2011 8 © This is a licensed product of Ken Research and should not be copied
  9. 9. Figure 42: South Korea Non-Life Insurance Direct Written Premium of LIG Insurance in USDMillion, FY’2007-FY’2012Figure 43: South Korea Population in Million, 2005-2016Figure 44: GDP of South Korea in USD Million, 2005-2016Figure 45: Healthcare Expenditure of South Korea in USD Million, 2005-2016Figure 46: Total Vehicle Production in South Korea in Million, 2005-2016 9 © This is a licensed product of Ken Research and should not be copied
  10. 10. LIST OF TABLESTable 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of DirectWritten Premium in USD Billion, 2005 -2012PTable 2: Asia-Pacific Insurance Market Segmentation by Life and Non Life on the Basis ofDirect Written Premium in USD Billion, 2005 -2012PTable 2: South Korea life Insurance Market Segmentation by General and Separate Account onthe Basis of Direct Written Premium in USD Million, FY’2005-FY’2012PTable 3: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basisof Direct Written Premium in USD Million, FY’2011Table 4: South Korea Non life Insurance Market Segmentation by Agents, Direct Sales andBroker on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011Table 5: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of DirectWritten Premium in USD Million, FY’2011Table 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’2012PTable 7: Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry on theBasis of Direct Written Premium in USD Million, FY’2011Table 8: South Korea Long Term Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, FY’2013-FY’2016Table 9: South Korea Automobile Insurance Market Segmentation by Voluntary andCompulsory Auto Liability Insurance on the Basis of Direct Written Premium in USD Million,FY’2005-FY’2012PTable 10: Market Share of Domestic and Foreign Insurers in Automobile Insurance Industry onthe Basis of Direct Written Premium in USD Million, FY’2011 5Table 11: South Korea Automobile Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, FY’2013-FY’2016Table 12: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on theBasis of Direct Written Premium in USD Million, FY’2011Table 13: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on theBasis of Direct Written Premium in USD Million, FY’2011 10 © This is a licensed product of Ken Research and should not be copied
  11. 11. Table 14: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on theBasis of Direct Written Premium in USD Million, FY’2011Table 15: Market Share of Domestic and Foreign Insurers in Fire Insurance Industry on the Basisof Direct Written Premium in USD Million, FY’2011Table 16: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct WrittenPremium in USD Million, 2013-2016Table 17: Cause and Effect Relationship Analysis between Industry Factors and ExpectedIndustry Prospects of South Korea Insurance MarketTable 18: Correlation Matrix of the South Korea Insurance IndustryTable 19: Regression Coefficients Output of South Korea Insurance Industry 11 © This is a licensed product of Ken Research and should not be copied
  12. 12. ASIA-PACIFIC INSURANCE MARKET SIZE BY DIRECT WRITTENPREMIUM, 2005-2012PThe insurance market in Asia-Pacific region has grown remarkably over the past few years dueto the growth in the emerging markets such as China, Japan, India, Australia, Taiwan and SouthKorea. The countries in the Asia-Pacific region are at different stages of economic developmentunlike the European countries and the US which has created significant opportunities for theinsurers in the region in order to serve the financial needs of the customers. The market in theregion 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 inUSD Million, 2005-2012P 16,00,000.0 14,00,000.0 12,00,000.0USD Million 10,00,000.0 8,00,000.0 6,00,000.0 4,00,000.0 2,00,000.0 0.0 2005 2006 2007 2008 2009 2010 2011 2012P 12 © This is a licensed product of Ken Research and should not be copied
  13. 13. ASIA-PACIFIC INSURANCE MARKET SEGMENTATIONBY GEOGRAPHY, 2005-2012PAsia-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 ofChina insurance industry is one of more than ~% in 2012…. The China insurance industry isthe predominant markets in the one of the predominant markets in the insurance industryinsurance industry in the Asia- in the Asia-Pacific region with a contribution of ~% of thePacific region with a contribution direct written premium in the region in 2012…of ~% of the direct writtenpremium in the region in 2012. South Korea is the third largest market with a contribution of ~% in 2012. The country insurance sector is morecomplicated with limited growth opportunities in comparison with the growing market in theregion such as China and India…Table: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of DirectWritten Premium in USD Billion, 2005-2012PCountries 2005 2006 2007 2008 2009 2010 2011 2012PJapanChinaSouthKoreaTaiwanIndiaAustraliaHongKongSingaporeThailandMalaysiaIndonesia 13 © This is a licensed product of Ken Research and should not be copied
  14. 14. NewZealandPhilippinesVietnamPakistanKazakhstanBangladeshSri LankaTotalSOUTH KOREA INSURANCE INDUSTRYSOUTH KOREA INSURANCE MARKET SIZE BY DIRECT WRITTENPREMIUM, FY’2005-FY’2012PThe South Korean insurance market is one of the largest insurance industries in the world. Theinsurance market in the country has experienced a growth of 18.6% from USD ~ million inFY’2010 to USD ~ million in FY’2011....The insurance penetration rate of South Korea is one of the highest in the world. The country’sinsurance 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 limitedorganic growth opportunities in comparison with the growing market in the region such as Chinaand India with the insurance penetration rate of ~% and ~% respectively in 2011. In thosecountries insurers remain focused on their home market growth and favorable demographicfactors continue to support developing market…. 14 © This is a licensed product of Ken Research and should not be copied
  15. 15. Figure: South Korea Insurance Market Size on the Basis of Direct Written Premium inUSD Million, FY’2005-FY’2012P 1,40,000.0 1,20,000.0 1,00,000.0 USD Million 80,000.0 60,000.0 40,000.0 20,000.0 0.0 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012PNote:FY ending- 31st MarchLife Insurance is in Premium IncomeNon-Life Insurance is in Direct Written PremiumSOUTH KOREA LIFE INSURANCE MARKETLIFE INSURANCE SEGMENTATION, FY’2005-FY’2012P …. The general account insurance has witnessed an The separate account insurance increase in direct written premium of 10.9% from USD ~ has also experienced a growth of million in FY’2010 to USD ~ million in FY’2011 due to 13.5% to USD ~ million in FY’2011 the growth in premium income for pensions and endowment insurance. In FY’2011, the endowmentinsurance 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 inFY’2011. The premium income of retirement insurance has witnessed a decline of ~% inFY’2011 from the previous year while the corporate insurance has posted a growth of ~% toUSD ~ million in FY’2011... 15 © This is a licensed product of Ken Research and should not be copied
  16. 16. Figure: South Korea life Insurance Market Segmentation by General and SeparateAccount on the Basis of Direct Written Premium in Percentage, FY’2005-FY’2012P 1.2 1.0 0.8 In Percentage 0.6 0.4 0.2 0.0 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012P Separate Account General AccountNote:FY ending- 31st March; Life Insurance is in Premium IncomeTable: South Korea life Insurance Market Segmentation by General and Separate Accounton the Basis of Direct Written Premium in USD Million, FY’2005-FY’2012PSegments FY’2005 FY’2006 FY’2007 FY’2008 FY’2009 FY’2010 FY’2011 FY’2012PGeneralAccount Individual Insurance Group InsuranceSeparateAccountRetirement Insurance Corporate Insurance Variable InsuranceTotalNote:FY ending- 31st March; Life Insurance is in Premium Income 16 © This is a licensed product of Ken Research and should not be copied
  17. 17. MARKET SHARE OF DOMESTIC AND FOREIGN INSURERS IN LIFEINSURANCE INDUSTRY IN SOUTH KOREA, FY’2011The country life insurance market is dominated by the domestic insurers with the contribution ofaround ~% and the direct written premium of USD ~ million in FY’2011. The majority of thedomestic insurance market in the country is held by three life insurance companies such asSamsung 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 theBasis of Direct Written Premium in Percentage, FY’2011 Domestic ForeignNote:FY ending- 31st March; Life Insurance is in Premium IncomeTable: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on theBasis of Direct Written Premium in USD Million, FY’2011Players FY’2011Domestic InsurersForeign InsurersTotalNote:FY ending- 31st March;Life Insurance is in Premium Income 17 © This is a licensed product of Ken Research and should not be copied
  18. 18. SOUTH KOREA NON-LIFE INSURANCE MARKETSOUTH KOREA NON-LIFE INSURANCE MARKET SIZE, FY’2005-FY’2012P…In FY’2011, there are ~ non life insurance companies conducting business in the SouthKorean market which includes ~ domestic general insurers and ~ foreign general insurancecompanies. The domestic insurance companies includes ~ general insurers conducting directinsurance business, 1 reinsurer, 1 mono-line guarantee insurer and 1 mono-line automobileinsurer…..The major general insurance companies have adopted various advertisement methods in order toincrease their sales in the country. General Insurance Association of Korea has reviewed about ~online advertisements, ~ TV advertisements and ~ newspapers advertisements in order to preventthe consumer damage and promote fair transactions in general insurance industry.Figure: South Korea Non Life Insurance Market Size on the Basis of Direct WrittenPremium in USD Million, FY’2005-FY’2012P 60,000.0 50,000.0 40,000.0 USD Million 30,000.0 20,000.0 10,000.0 0.0 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012PNote:FY ending- 31st March 18 © This is a licensed product of Ken Research and should not be copied
  19. 19. SOUTH KOREA NON LIFE DISTRIBUTION CHANNEL, FY’ 2005-FY’2011…In FY’2011, there are ~ insurance agents in the country which includes ~ private insuranceagents and ~ corporate insurance agents. The number of private and corporate insurance agentshas experienced decrease of ~% and ~% respectively in FY’2011 with respect to the previousyear.…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 solicitorchannel in the country includes ~ men and ~ women. In FY’2011, the monthly average incomeperson is amounted to KRW ~ while the monthly average premium written per 1 solicitor isamounted to KRW ~ million.The company employees channel is the third largest contributor in the general insurancedistribution channel with the share of ~% in FY’2011. The number of directors and employees inthe 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 alsoexperienced 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 WrittenPremium in Percentage, FY’2005-FY’2011 100.0% 90.0% 80.0% 70.0% 60.0% In Percentage % 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 Insurance Pools Broker Banks Company Employees Solicitors AgentsNote:FY ending- 31st March 19 © This is a licensed product of Ken Research and should not be copied
  20. 20. Table: South Korea Non life Insurance Market Segmentation by Agents, Direct Sales andBroker on the Basis of Direct Written Premium in USD Million, FY’2005-FY’2011Channel FY’2005 FY’2006 FY’2007 FY’2008 FY’2009 FY’2010 FY’2011AgentsSolicitorsCompanyEmployeesBanksBrokerInsurancePoolsTotalNote:FY ending- 31st MarchSOUTH KOREA AUTOMOBILE INSURANCE INDUSTRYSOUTH KOREA AUTOMOBILE INSURANCE CLAIM PAID, FY’2005-FY’2011In FY’2011, the countrys 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 onlineauto vehicle insurance which steeply rose to ~% in FY’2011 from ~% in FY’2010. The industryhas witnessed a combined ratio of ~% in FY’2011 which has created a heavy burden oninsurance companies.The countrys automobile insurance industry has paid a claim of USD ~ million in FY’2011 witha 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 yearwhile its share in the overall traffic accident was ~% to ~ cases in which ~ persons were killed 20 © This is a licensed product of Ken Research and should not be copied
  21. 21. and ~ people were injured. In South Korea most of the accidents occurred in evening rush hourssuch as 6-8 PM contribute ~% of the overall cases and in night hours which include 8-10 PMcovers ~% in FY’2011. The number of deaths in traffic accident per ~ vehicles is 2.8 persons inFY’2011.Figure: South Korea Automobile Insurance Market Claim Paid on the Basis of DirectWritten Premium in USD Million, FY’2005-FY’2011 9,000.0 8,000.0 7,000.0 6,000.0 USD Million 5,000.0 4,000.0 3,000.0 2,000.0 1,000.0 0.0 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011Note:FY ending- 31st March 21 © This is a licensed product of Ken Research and should not be copied
  22. 22. SOUTH KOREA GUARANTEE INSURANCE INDUSTRYSOUTH KOREA GUARANTEE INSURANCE MARKET FUTUREOUTLOOK AND PROJECTION, FY’2013-FY’2016The 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 DirectWritten Premium in USD Million, FY’2013-FY’2016 1,320.0 1,310.0 1,300.0 1,290.0 USD Million 1,280.0 1,270.0 1,260.0 1,250.0 1,240.0 1,230.0 FY2013 FY2014 FY2015 FY2016Note:FY ending- 31st March 22 © This is a licensed product of Ken Research and should not be copied
  23. 23. SOUTH KOREA INSURANCE INDUSTRY TRENDS ANDDEVELOPMENTSRISING AGEING POPULATIONThe rising ageing population in South Korea has triggered the demand for the insuranceproducts…ASIA-PACIFIC INSURANCE INDUSTRY FUTUREOUTLOOK….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 highercompetition level with the entrance of more global players in the market…ASIA-PACIFIC INSURANCE INDUSTRY FUTURE PROJECTIONSBY GEOGRAPHY, 2013-2016The Asia-Pacific Insurance industry is expected to grow at a CAGR of 11.2% from 2013-2016on account of the rising population in the emerging markets of Asia such as India and China. It isanticipated that the total direct written premium of the insurance products will increase to USD ~million in 2016 from USD ~ million in 2012… 23 © This is a licensed product of Ken Research and should not be copied
  24. 24. Table: Asia-Pacific Insurance Market Projections by Countries on the Basis of DirectWritten Premium in USD Million, 2013-2016Countries 2013 2014 2015 2016JapanChinaSouth KoreaTaiwanIndiaAustraliaHong KongSingaporeThailandMalaysiaIndonesiaNew ZealandPhilippinesVietnamPakistanKazakhstanBangladeshSri LankaTotal 24 © This is a licensed product of Ken Research and should not be copied
  25. 25. SOUTH KOREA INSURANCE INDUSTRY FUTUREOUTLOOK AND PROJECTIONS, FY’2013-FY’2016…Under the base case scenario analysis the market is expected to grow at a CAGR of 6.8% fromFY’2013-FY’2016 and is predicted to record direct written premium of USD ~ million inFY’2016…The worst case scenario analysis assumes that insurance industry will experience a marginalgrowth of ~% in the next five years...The best case scenario analysis predicts that the market will grow at a CAGR of 9.6% fromFY’2013-FY’2016 and is expected to record direct written premium of USD ~ million inFY’2016….Figure: South Korea Insurance Market Projections on the Basis of Direct WrittenPremium in USD Million, FY’2013-FY’2016 2,50,000.0 2,00,000.0 1,50,000.0 USD Million 1,00,000.0 50,000.0 0.0 FY2013 FY2014 FY2015 FY2016 Worst Case Base Case Best CaseNote:FY ending- 31st March 25 © This is a licensed product of Ken Research and should not be copied
  26. 26. CAUSE AND EFFECT RELATIONSHIP BETWEEN DEPENDENT ANDINDEPENDENT FACTORS PREVAILING IN SOUTH KOREAINSURANCE MARKETTable: Cause and Effect Relationship Analysis between Industry Factors and ExpectedIndustry Prospects of South Korea Insurance MarketIndustry Factors Market Impact CommentsStrict Government  Cause:Regulations and  Positive Effect:Support  Negative Effect:.AgeingPopulation  Cause:  Effect:Increasing  Cause:Consumer  Effect:.Spending 26 © This is a licensed product of Ken Research and should not be copied
  27. 27. DISCLAIMERNo part of this manual or any material appearing may be reproduced, stored in or transmittedon any other Web site without written permission of Ken Research and any payments of aspecified fee. Requests to republish any material may be sent to us. 27 © This is a licensed product of Ken Research and should not be copied

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