South Korea Reinsurance, Non-Life and Life Insurance Industry Trends and Opportunities to 2018

DALLAS, March 9, 2015 /PRNewswire/ --

MarketReportsStore.com adds Reinsurance, Non-Life and Life Insurance in South Korea Key Trends and Opportunities to 2018 to its store. The report provides in-depth market analysis, information and insights into the South Korean reinsurance, non-life and life insurance segment.

The report Life Insurance in South Korea, Key Trends and Opportunities to 2018 provides in-depth market analysis, information and insights into the South Korean life insurance segment. 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. Complete report details is available at http://marketreportsstore.com/life-insurance-in-south-korea-key-trends-and-opportunities-to-2018/ .

Key highlights cover by "Life Insurance in South Korea, Key Trends and Opportunities to 2018"report includes: 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. Order a copy of this report at (Prices start at US $ 1950 for a single user PDF) http://marketreportsstore.com/purchase?rname=30820 .

The report Non-Life Insurance in South Korea, Key Trends and Opportunities to 2018 offers a detailed analysis of the key categories in South Korea's non-life insurance segment, along with market forecasts until 2018. In terms of gross written premium, the South Korean non-life segment grew from KRW22.7 trillion (US$17.8 billion) in 2009 to KRW31.1 trillion (US$28.3 billion) in 2013, at a compound annual growth rate (CAGR) of 8.1% during the review period (2009-2013). The strong performance of the property and liability categories - which posted respective CAGRs of 12.5% and 18.1% - supported the segment's growth. Rising automobiles sales and growing disposable income were among the segment's other key drivers and are anticipated to remain so over the forecast period (2013-2018). The segment's gross written premium is therefore projected to post a forecast-period CAGR of 6.0% to reach KRW41.5 trillion (US$40.0 billion) in 2018. Complete report details is available at http://marketreportsstore.com/non-life-insurance-in-south-korea-key-trends-and-opportunities-to-2018/ .

Key highlights cover by "Non-Life Insurance in South Korea, Key Trends and Opportunities to 2018"report includes: In terms of gross written premium, the South Korean non-life segment grew at CAGR of 8.1% during the review period; The strong performance of the property and liability categories supported the segment's growth; Rising automobiles sales and growing disposable income were among the segment's other key drivers and are anticipated to remain so over the forecast period; Due to rising demand for mortgage loans the South Korean property market faced a slowdown during the review period; Unlike life insurance, the non-life segment is less profitable due to the high reliance of insurers on traditional distribution channels such as agencies, rather than more cost-effective channels such as direct marketing, e-commerce and bancassurance. Order a copy of this report at (Prices start at US $ 1950 for a single user PDF) http://marketreportsstore.com/purchase?rname=30821 .

The report Reinsurance in South Korea, Key Trends and Opportunities to 2018 provides a detailed analysis of the reinsurance ceded from various direct insurance segments in South Korean its growth prospects. Reinsurance in South Korea is treated as a category of non-life insurance, and the regulatory structure that applies to non-life insurance also applies to reinsurance. However, the South Korean reinsurance segment's gross written premium grew from KRW13.8 trillion (US$10.8 billion) in 2009 to KRW15.8 trillion (US$14.4 billion) in 2013, at a review-period (2009-2013) CAGR of 3.4%. The absence of large-scale natural disasters in South Korea meant the insurance industry did not record major losses during the review period, encouraging direct insurers to retain the majority of their gross written premium. As such, the South Korean reinsurance segment posted slow growth during the review period. Complete report details is available at http://marketreportsstore.com/reinsurance-in-south-korea-key-trends-and-opportunities-to-2018/ .

Although mandatory cessions in the country no longer exist, ceding insurers give priority to domestic reinsurers due to a regulation in late 2013 prohibiting foreign unlicensed reinsurers from operating. This led to increased dependence on domestic reinsurer Korean Re, supplementing the segment's growth during the review period.

Key highlights cover by "Reinsurance in South Korea, Key Trends and Opportunities to 2018"report includes: Reinsurance in South Korea is treated as a category of non-life insurance, and the regulatory structure that applies to non-life insurance also applies to reinsurance; The absence of large-scale natural disasters in South Korea meant the insurance industry did not record major losses during the review period, encouraging direct insurers to retain the majority of their gross written premium; Although mandatory cessions in the country no longer exist, ceding insurers give priority to domestic reinsurers due to a regulation in late 2013 prohibiting foreign unlicensed reinsurers from operating. Order a copy of this report at (Prices start at US $ 1950 for a single user PDF) http://marketreportsstore.com/purchase?rname=30823 .

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