Summary
Non-Life Insurance in South Korea industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2013-17, and forecast to 2022). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The non-life insurance market consists of the general insurance market segmented into motor, property, liability and other insurance. The other segment is made up of non-life insurance products including health, travel, and accident cover among others. The value of the non-life insurance market is shown in terms of gross premium incomes. Gross premium income is defined as the insurer’s premium income for the year from its policies, calculated without reduction for reinsurance premiums paid or payable by the insurer. Any currency conversions used in the report have been calculated using constant 2017 annual average exchange rates.
- The South Korean non-life insurance market had total gross written premiums of $61.7bn in 2017, representing a compound annual growth rate (CAGR) of 4.1% between 2013 and 2017. The low interest rate environment will weigh on the insurance market’s growth, with a rate of 1.5% as of September 2018. This is unlikely to change due to concerns about potential risks to financial stability, including those stemming from household debt, which rose to 180% of net household disposable income in 2016.
- The property segment was the market's most lucrative in 2017, with total gross written premiums of $21.6bn, equivalent to 35% of the market's overall value.
- Demand for motor and accident-health insurance has been strong in the market in recent years. The rise of deductibles for health insurance in 2015 led to reduced claims for insurers in these policies, but was offset by reduced premiums which have had a stimulating effect on demand over the last three years.
Scope
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in South Korea
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in South Korea
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the South Korea non-life insurance market with five year forecasts
Reasons to buy
- What was the size of the South Korea non-life insurance market by value in 2017?
- What will be the size of the South Korea non-life insurance market in 2022?
- What factors are affecting the strength of competition in the South Korea non-life insurance market?
- How has the market performed over the last five years?
- Who are the top competitiors in South Korea's non-life insurance market?
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Table of Contents
Executive Summary 2
Market value 2
Market value forecast 2
Category segmentation 2
Geography segmentation 2
Market share 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 share 11
Market Outlook 12
Market value forecast 12
Five Forces Analysis 13
Summary 13
Buyer power 14
Supplier power 16
New entrants 18
Threat of substitutes 20
Degree of rivalry 21
Leading Companies 23
Samsung Fire & Marine Insurance Co., Ltd. 23
Hyundai Marine & Fire Insurance Co Ltd 26
Dongbu Insurance Co., Ltd. 29
KB Financial Group Inc. 32
Macroeconomic Indicators 36
Country data 36
Methodology 38
Industry associations 39
Related MarketLine research 39
Appendix 40
About MarketLine 40
List of Tables
Table 1: South Korea non-life insurance market value: $ billion, 2013–17
Table 2: South Korea non–life insurance market category segmentation: $ billion, 2017
Table 3: South Korea non–life insurance market geography segmentation: $ billion, 2017
Table 4: South Korea non-life insurance market share: % share, by value, 2017
Table 5: South Korea non-life insurance market value forecast: $ billion, 2017–22
Table 6: Samsung Fire & Marine Insurance Co., Ltd.: key facts
Table 7: Samsung Fire & Marine Insurance Co., Ltd.: key financials ($)
Table 8: Samsung Fire & Marine Insurance Co., Ltd.: key financials (KRW)
Table 9: Samsung Fire & Marine Insurance Co., Ltd.: key financial ratios
Table 10: Hyundai Marine & Fire Insurance Co Ltd: key facts
Table 11: Hyundai Marine & Fire Insurance Co Ltd: key financials ($)
Table 12: Hyundai Marine & Fire Insurance Co Ltd: key financials (KRW)
Table 13: Hyundai Marine & Fire Insurance Co Ltd: key financial ratios
Table 14: Dongbu Insurance Co., Ltd.: key facts
Table 15: Dongbu Insurance Co., Ltd.: key financials ($)
Table 16: Dongbu Insurance Co., Ltd.: key financials (KRW)
Table 17: Dongbu Insurance Co., Ltd.: key financial ratios
Table 18: KB Financial Group Inc.: key facts
Table 19: KB Financial Group Inc.: key financials ($)
Table 20: KB Financial Group Inc.: key financials (KRW)
Table 21: KB Financial Group Inc.: key financial ratios
Table 22: South Korea size of population (million), 2013–17
Table 23: South Korea gdp (constant 2005 prices, $ billion), 2013–17
Table 24: South Korea gdp (current prices, $ billion), 2013–17
Table 25: South Korea inflation, 2013–17
Table 26: South Korea consumer price index (absolute), 2013–17
Table 27: South Korea exchange rate, 2013–17
List of Figures
Figure 1: South Korea non-life insurance market value: $ billion, 2013–17
Figure 2: South Korea non–life insurance market category segmentation: % share, by value, 2017
Figure 3: South Korea non–life insurance market geography segmentation: % share, by value, 2017
Figure 4: South Korea non-life insurance market share: % share, by value, 2017
Figure 5: South Korea non-life insurance market value forecast: $ billion, 2017–22
Figure 6: Forces driving competition in the non-life insurance market in South Korea, 2017
Figure 7: Drivers of buyer power in the non-life insurance market in South Korea, 2017
Figure 8: Drivers of supplier power in the non-life insurance market in South Korea, 2017
Figure 9: Factors influencing the likelihood of new entrants in the non-life insurance market in South Korea, 2017
Figure 10: Factors influencing the threat of substitutes in the non-life insurance market in South Korea, 2017
Figure 11: Drivers of degree of rivalry in the non-life insurance market in South Korea, 2017
Figure 12: Samsung Fire & Marine Insurance Co., Ltd.: revenues & profitability
Figure 13: Samsung Fire & Marine Insurance Co., Ltd.: assets & liabilities
Figure 14: Hyundai Marine & Fire Insurance Co Ltd: revenues & profitability
Figure 15: Hyundai Marine & Fire Insurance Co Ltd: assets & liabilities
Figure 16: Dongbu Insurance Co., Ltd.: revenues & profitability
Figure 17: Dongbu Insurance Co., Ltd.: assets & liabilities
Figure 18: KB Financial Group Inc.: revenues & profitability
Figure 19: KB Financial Group Inc.: assets & liabilities
