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The market is segmented by Insurance type (Life insurance and Non-Life insurance) by Distribution Channel (Direct, Agency, Banks and others)
Less Than 4 %
This report aims to provide a detailed analysis of the Life and Non-Life insurance market in South Korea. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Life and Non-Life insurance market in South Korea.
|By Insurance type|
|By Dstribution Channel|
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The number of vehicle registration has constantly increased over the past four years. Last year, it grew by 3.0 %, respectively 2.7 % for personal vehicles and 7.9 % for commercial vehicles, personal vehicles had the largest share with 80.5% in 2018, followed by trucks with 15.5 %, and buses with 3.6 %. Expenses incurred by automobile have decreased by 5.1 %. Automobile insurances have constantly been in deficit for a long time. Especially, the underwriting result of the automobile insurance has declined to the previous year, recorded -725 billion won in 2018 However, its growth rate declined since 2015 due to economic uncertainty.
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Insurance penetration in the Korean insurance market was a remarkable 11.2% in 2018 which placed it 5th in the world and 3rd in Asia. Much like insurance density, life insurance had a higher penetration rate at 6.1% compared to non-life insurance at 5.1%. Insurance density reached USD 3,465 in 2018 which placed Korea into 17th place overall in the world. Life and non-life insurance density totaled USD 1,898 and USD 1,567 respectively.
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The report covers the major players operating in the Life and Non-Life insurance market in South Korea. The market is Consolidated due to the top 3 companies hold approximately 47% market share. The market is expected to grow during the forecast period due to many factors.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porters 5 Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Insurance type
5.1.1 Life insurance
5.1.2 Non-Life Insurance
5.2 By Dstribution Channel
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers & Acquisitions
6.3 Company Profiles
6.3.1 National Health Insurance Service
6.3.2 Samsung Fire & Marine Insurance Co., Ltd.
6.3.3 Hanwha Life Insurance Co., Ltd.
6.3.4 Hyundai Marine & Fire Insurance Co., Ltd.
6.3.5 Kyobo Life Insurance Co., Ltd.
6.3.6 Nonghyup Life Insurance Co., Ltd.
6.3.7 KB Insurance Co., Ltd.
6.3.8 Korean Reinsurance Company
6.3.9 Meritz Fire & Marine Insurance Co., Ltd.
6.3.10 Mirae Asset Life Insurance Co., Ltd.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS