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Life Insurance in
South Korea, Key
Trends and
Opportunities to
2018
Summary
The report provides in-depth market analysis, information and insights into the South
Korean life insurance segment, including:
• The South Korean life insurance segment’s growth prospects by life insurance
category
• Key trends, drivers and challenges for the life insurance segment
• The various distribution channels in the South Korean life insurance segment
• The detailed competitive landscape in the life insurance segment in South Korea
• Detailed regulatory policies of the South Korean insurance industry
• Analysis of various consumer segments in South Korean life insurance
• Key developments in the South Korean life insurance segment
• New products launched by South Korean life insurers
Synopsis
• The South Korean life insurance market was the third-largest in Asia in terms of gross
written premium in 2013, after Japan and China.
• The segment plays a key role in the development of the country’s financial services
sector and recorded growth during the review period (2009-2013). Its gross written
premium increased from KRW88.8 trillion (US$69.6 billion) in 2009 to KRW124.0
trillion (US$113.2 billion) in 2013, at a compound annual growth rate (CAGR) of
8.7%.
• A high consumer preference for long-term life insurance products supported the
segment’s growth during the review period.
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Scope
This report provides a comprehensive analysis of the life insurance segment in South
Korea:
• It provides historical values for the South Korean life insurance segment for the
report’s 2009-2013 review period, and projected figures for the 2013-2018 forecast
period.
• It offers a detailed analysis of the key categories in the South Korean life insurance
segment, along with market forecasts until 2018.
• It covers an exhaustive list of parameters, including written premium, incurred loss,
loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets,
total investment income and retentions.
• It analyses the various distribution channels for life insurance products in South
Korea.
• It profiles the top life insurance companies in South Korea and outlines the key
regulations affecting them.
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data
related to the South Korean life insurance segment and each category within it.
• Understand the demand-side dynamics, key market trends and growth opportunities
in the South Korean life insurance segment.
• Assess the competitive dynamics in the life insurance segment.
• Identify the growth opportunities and market dynamics in key product categories.
• Gain insights into key regulations governing the South Korean insurance industry and
their impact on companies and the industry's future.
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Key highlights
• The South Korean life insurance market was the third-largest in Asia in terms of gross
written premium in 2013, after Japan and China.
• A high consumer preference for long-term life insurance products supported the
segment’s growth during the review period.
• Although life insurance has traditionally been one of the most popular forms of saving
in South Korea, the segment is now mature and has limited growth opportunities
compared to corresponding segments in China and India.
• The segment is expected to grow over the forecast period driven by the rapid
expansion of the aging population and demand for retirement protection products.
• In order to meet the rising pension deficit, the Korean government is expected to
introduce pension reforms in 2015.
• The segment is in a phase of near saturation and a series of mergers and acquisitions
occurred during the review period.
Table Of Content
1 Key Facts and Events
2 Executive Summary
3 Introduction
4 South Korean Insurance Industry Attractiveness
5 Life Insurance Outlook
6 Analysis by Distribution Channel
7 Governance, Risk and Compliance
8 Competitive Landscape and Strategic Insights
9 Appendix – 1
10 Appendix - 2
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