Insurance in South Korea

Insurance in South Korea industry profile provides top-line qualitative and quantitative summary information including: market size (value 2010-14, and forecast to 2019). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Essential resource for top-line data and analysis covering the South Korea insurance market. Includes market size data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.

  • The insurance market consists of the non-life insurance sector and the life insurance sector. The value of the market is shown in terms of gross premium incomes. The life insurance sector consists of mortality protection and annuity. The non-life insurance sector consists of accident and health, and property and casualty insurance segments. The insurance market depends on a variety of economic and non-economic factors, and future performance is difficult to predict. The forecast given in this report is intended as a rough guide to the direction in which the market is likely to move. This forecast is based on a correlation between past market growth and growth of base drivers, such as house price growth, GDP growth and long-term interest rates. All currency conversions have been calculated at constant annual 2013 average exchange rates.
  • The South Korean insurance market is expected to generate total gross written premiums of $155.7bn in 2014, representing a compound annual growth rate (CAGR) of 6.5% between 2010 and 2014.
  • The life insurance segment is expected to be the market's most lucrative in 2014, with total gross written premiums of $98.2bn, equivalent to 63.1% of the market's overall value.
  • The performance of the market is forecast to decelerate, with an anticipated CAGR of 5.4% for the five-year period 2014 - 2019, which is expected to drive the market to a value of $202.7bn by the end of 2019.

Scope

Save time carrying out entry-level research by identifying the size, growth, and leading players in the insurance market in South Korea

Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the insurance market in South Korea

Leading company profiles reveal details of key insurance market players’ global operations and financial performance

Add weight to presentations and pitches by understanding the future growth prospects of the South Korea insurance market with five year forecasts

Macroeconomic indicators provide insight into general trends within the South Korea economy

Reasons to buy

What was the size of the South Korea insurance market by value in 2014?

What will be the size of the South Korea insurance market in 2019?

What factors are affecting the strength of competition in the South Korea insurance market?

How has the market performed over the last five years?

Companies mentioned

Samsung Fire & Marine Insurance Co., Ltd., Samsung Life Insurance Co., Ltd., Hanwha Life Insurance Co., Ltd. and Hyundai Marine & Fire Insurance Co., Ltd.

Samsung Fire & Marine Insurance Co., Ltd., Samsung Life Insurance Co., Ltd., Hanwha Life Insurance Co., Ltd. and Hyundai Marine & Fire Insurance Co., Ltd.

Table of Contents

TABLE OF CONTENTS

Executive Summary 2

Market value 2

Market value forecast 2

Category segmentation 2

Geography segmentation 2

Market rivalry 2

Market Overview 7 ...

TABLE OF CONTENTS

Executive Summary 2

Market value 2

Market value forecast 2

Category segmentation 2

Geography segmentation 2

Market rivalry 2

Market Overview 7

Market definition 7

Market analysis 7

Market Data 8

Market value 8

Market Segmentation 9

Category segmentation 9

Geography segmentation 10

Market Outlook 11

Market value forecast 11

Five Forces Analysis 12

Summary 12

Buyer power 13

Supplier power 15

New entrants 17

Threat of substitutes 18

Degree of rivalry 19

Leading Companies 20

Samsung Fire & Marine Insurance Co., Ltd. 20

Samsung Life Insurance Co., Ltd. 23

Hanwha Life Insurance Co., Ltd. 26

Hyundai Marine & Fire Insurance Co., Ltd. 29

Macroeconomic Indicators 32

Country Data 32

Methodology 34

Industry associations 35

Related MarketLine research 35

Appendix 36

About MarketLine 36

LIST OF TABLES

Table 1: South Korea insurance market value: $ billion, 2010–14(e) 8

Table 2: South Korea insurance market category segmentation: $ billion, 2014(e) 9

Table 3: South Korea insurance market geography segmentation: $ billion, 2014(e) 10

Table 4: South Korea insurance market value forecast: $ billion, 2014–19 11

Table 5: Samsung Fire & Marine Insurance Co., Ltd.: key facts 20

Table 6: Samsung Fire & Marine Insurance Co., Ltd.: key financials ($) 21

Table 7: Samsung Fire & Marine Insurance Co., Ltd.: key financials (KRW) 21

Table 8: Samsung Fire & Marine Insurance Co., Ltd.: key financial ratios 21

Table 9: Samsung Life Insurance Co., Ltd.: key facts 23

Table 10: Samsung Life Insurance Co., Ltd.: key financials ($) 23

Table 11: Samsung Life Insurance Co., Ltd.: key financials (KRW) 24

Table 12: Samsung Life Insurance Co., Ltd.: key financial ratios 24

Table 13: Hanwha Life Insurance Co., Ltd.: key facts 26

Table 14: Hanwha Life Insurance Co., Ltd.: key financials ($) 26

Table 15: Hanwha Life Insurance Co., Ltd.: key financials (KRW) 27

Table 16: Hanwha Life Insurance Co., Ltd.: key financial ratios 27

Table 17: Hyundai Marine & Fire Insurance Co., Ltd.: key facts 29

Table 18: Hyundai Marine & Fire Insurance Co., Ltd.: key financials ($) 30

Table 19: Hyundai Marine & Fire Insurance Co., Ltd.: key financials (KRW) 30

Table 20: Hyundai Marine & Fire Insurance Co., Ltd.: key financial ratios 30

Table 21: South Korea size of population (million), 2010–14 32

Table 22: South Korea gdp (constant 2005 prices, $ billion), 2010–14 32

Table 23: South Korea gdp (current prices, $ billion), 2010–14 32

Table 24: South Korea inflation, 2010–14 33

Table 25: South Korea consumer price index (absolute), 2010–14 33

Table 26: South Korea exchange rate, 2010–14 33

LIST OF FIGURES

Figure 1: South Korea insurance market value: $ billion, 2010–14(e) 8

Figure 2: South Korea insurance market category segmentation: % share, by value, 2014(e) 9

Figure 3: South Korea insurance market geography segmentation: % share, by value, 2014(e) 10

Figure 4: South Korea insurance market value forecast: $ billion, 2014–19 11

Figure 5: Forces driving competition in the insurance market in South Korea, 2014 12

Figure 6: Drivers of buyer power in the insurance market in South Korea, 2014 13

Figure 7: Drivers of supplier power in the insurance market in South Korea, 2014 15

Figure 8: Factors influencing the likelihood of new entrants in the insurance market in South Korea, 2014 17

Figure 9: Factors influencing the threat of substitutes in the insurance market in South Korea, 2014 18

Figure 10: Drivers of degree of rivalry in the insurance market in South Korea, 2014 19

Figure 11: Samsung Fire & Marine Insurance Co., Ltd.: revenues & profitability 22

Figure 12: Samsung Fire & Marine Insurance Co., Ltd.: assets & liabilities 22

Figure 13: Samsung Life Insurance Co., Ltd.: revenues & profitability 24

Figure 14: Samsung Life Insurance Co., Ltd.: assets & liabilities 25

Figure 15: Hanwha Life Insurance Co., Ltd.: revenues & profitability 27

Figure 16: Hanwha Life Insurance Co., Ltd.: assets & liabilities 28

Figure 17: Hyundai Marine & Fire Insurance Co., Ltd.: revenues & profitability 31

Figure 18: Hyundai Marine & Fire Insurance Co., Ltd.: assets & liabilities 31

List of Tables

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List of Figures

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