Personal Accident and Health Insurance in South Korea, Key Trends and Opportunities to 2019

Personal Accident and Health Insurance in South Korea, Key Trends and Opportunities to 2019

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Published on Oct 23, 2015 - 102 pages

Timetric's 'Personal Accident and Health Insurance in the South Korea, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the South Korean personal accident and health insurance segment, including:
  • The South Korean personal accident and health insurance segment's growth prospects by insurance category
  • Key trends, drivers and challenges for the personal accident and health insurance segment
  • A comprehensive overview of South Korea's economy and demographics
  • Details of the competitive landscape in the personal accident and health insurance segment in South Korea
  • Details of regulatory policy applicable to the South Korean insurance industry
Report Highlights
  • The South Korean personal accident and health segment's share of the overall gross written premium was the smallest during the review period.
  • The South Korean public healthcare system covers a reasonable proportion of overall healthcare spending in the country, yet individuals choose private insurance and out-of-pocket spending to access wider cover.
  • The personal accident category was the largest in the segment, accounting for 60.4% of its gross written premium in 2014.
  • In 2015, the South Korean government announced its plans to offer free travel insurance in the wake of the Middle East Respiratory Syndrome (MERS) virus.
  • The segment remains highly competitive, and challenges arise from high rates of suicide and smoking, leading to huge losses for insurers during the review period.
  • The South Korean personal accident and health segment is highly competitive, with the presence of both domestic and foreign insurers.
Report Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in South Korea:
  • It provides historical values for the South Korean personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2019.
  • It analyzes the various distribution channels for personal accident and health insurance products in South Korea.
  • It profiles the top personal accident and health insurance companies in South Korea, and outlines the 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 personal accident and health insurance segment and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean personal accident and health insurance segment.
  • Assess the competitive dynamics in the personal accident and health 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 Personal Accident and Health Insurance Segment Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Personal Accident and Health Insurance Growth Prospects by Category
5.4.1 Personal accident insurance
5.4.2 Health insurance
6 Analysis by Distribution Channels
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the South Korean Personal Accident and Health Insurance Segment
7.2.1 Samsung Fire & Marine Insurance Co., Ltd - Company Overview
7.2.2 Hyundai Marine & Fire Insurance Co., Ltd - Company Overview
7.2.3 Dongbu Insurance Co., Ltd - Company Overview
7.2.4 LIG Insurance Co., Ltd - Company Overview
7.2.5 Meritz Fire & Marine Insurance Co., Ltd - Company Overview
7.2.6 Hanwha Non-Life Insurance Co., Ltd - Company Overview
7.2.7 Heungkuk Fire and Marine Insurance Co., Ltd - Company Overview
7.2.8 NongHyup Property & Casualty Insurance Co., Ltd - Company Overview
7.2.9 Lotte Insurance Co., Ltd - Company Overview
7.2.10 Seoul Guarantee Insurance Company 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
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer


List of Tables

Table 1: South Korean Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: South Korean Government Credit Ratings
Table 4: South Korean Personal Accident and Health Insurance - Gross Written Premium by Category (KRW Trillion), 2010-2014


Companies Mentioned:

Samsung Fire & Marine Insurance Co., Ltd
Hyundai Marine & Fire Insurance Co., Ltd.
Dongbu Insurance co., Ltd
LIG Insurance Co., Ltd
Meritz Fire & Marine Insurance Co. Ltd
Hanwha Non-Life Insurance Co., Ltd
Heungkuk Fire & Marine Insurance Co., Ltd
NongHyup Property & Casualty Insurance Co., Ltd
Lotte Insurance Co., Ltd
Seoul Guarantee Insurance Company