Life Insurance in South Korea, Key Trends and Opportunities to 2019

Life Insurance in South Korea, Key Trends and Opportunities to 2019

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Published on Oct 21, 2015 - 176 pages

Timetric's 'Life Insurance in South Korea, Key Trends and Opportunities to 2019' 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
  • A comprehensive overview of South Korea's economy and demographics
  • The various distribution channels in the South Korean life insurance segment
  • Details of the competitive landscape in the life insurance segment in South Korea
  • Details of regulatory policy applicable to the South Korean insurance industry
Report Highlights
  • South Korea is one of the world's most developed economies, with the world's 13th-largest economy in terms of GDP.
  • According to Timetric, South Korea's life insurance segment was the third-largest in Asia after Japan and China in 2013, in terms of gross written premium.
  • The life segment is highly consolidated, with the 10 leading companies accounting for 81.5% of the segment's gross written premium in 2014.
  • Over the forecast period, bancassurance is expected to continue to drive the growth of the South Korean insurance industry, as a large proportion of the country's population gains access to formal banking services due to technological developments in financial services.
  • As the life segment moves towards saturation, factors such as decreasing domestic demand, the establishment of distribution networks and brand loyalty will present challenges to life insurers.
  • Due to the mature nature of the life insurance segment, life insurers primarily focused on technical collaborations to gain competitive advantages. The leading life insurer Samsung Life Insurance has entered into a strategic alliance with New York Life Investment Management LLC (NYLIM), a US-based investment manager, to expand its asset management skills.
Report 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 2010-2014 review period, and projected figures for the 2014-2019 forecast period.
  • It offers a detailed analysis of the key categories in the South Korean life insurance segment, and market forecasts to 2019.
  • It analyzes the various distribution channels for life insurance products in South Korea.
  • It profiles the top life insurance companies in South Korea, and outlines key regulations affecting them.
Reasons to Get this Report
  • 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 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.

Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Life Insurance
5.5.1 Individual whole life insurance
5.5.2 Individual general annuity insurance
5.5.3 Individual pension insurance
5.5.4 Individual endowment insurance
5.5.5 Other individual life insurance
5.6 Group Life Insurance
5.6.1 Group whole life insurance
5.6.2 Group superannuation insurance
5.7 Life Insurance Growth Prospects by Product Type
5.7.1 Individual single-premium insurance
5.7.2 Individual non-single-premium insurance
5.7.3 Group single-premium insurance
5.7.4 Group non-single-premium insurance
5.7.5 Total linked insurance business
5.7.6 Total non-linked insurance business
6 Analysis by Distribution Channel
6.1 Direct Marketing
6.2 Bancassurance
6.3 Agencies
6.4 Brokers
6.5 Other Channels
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the South Korean Life Insurance Segment
7.2.1 Samsung Life Insurance Co., Ltd - Company Overview
7.2.2 Hanwha Life Insurance Co. Ltd - Company Overview
7.2.3 Kyobo Life Insurance Co. Ltd - Company Overview
7.2.4 NH NongHyup Life Insurance Co. Ltd - Company Overview
7.2.5 Mirae Asset Life Insurance Co. Ltd - Company Overview
7.2.6 Shinhan Life Insurance Co. Ltd - Company Overview
7.2.7 Heungkuk Life Insurance Co. Ltd - Company Overview
7.2.8 Tong Yang Life Insurance Co. Ltd - Company Overview
7.2.9 ING Life Insurance Company Korea Ltd - Company Overview
7.2.10 MetLife Insurance Co. of Korea Ltd - Company Overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Workers' compensation insurance
8.4.3 Fire and liability insurance for buildings to cover third-party bodily injury caused by fire
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 Financial Services Commission
8.5.3 Financial Supervisory Service
8.5.4 Korea Life Insurance Association (KLIA)
8.5.5 General Insurance Association of Korea (GIAK)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a domestic company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas

Companies Mentioned:

Samsung Life Insurance Co., Ltd
Hanwha Life Insurance Co., Ltd
Kyobo Life Insurance Co., Ltd
NH Nonghyup Life Insurance Co., Ltd
Mirae Asset Life Insurance Co., Ltd
Shinhan Life Insurance Co., Ltd
Heungkuk Life Insurance Co., Ltd
Tongyang Life Insurance Co., Ltd
ING Life Insurance Ltd
Metlife Insurance Company Of Korea, Ltd