Noida, India (PressExposure) October 09, 2009 -- A new analysis by RNCOS finds that South Korea has emerged as the 2nd largest insurance market in Asia after Japan and the 7th largest globally in terms of market share. After the Asian financial crisis of 1998, the industry has made rapid progress on the back of regulatory developments, government support, economic growth and rising income levels.
We have done an extensive research and thorough analysis of the insurance market in South Korea to identify current and future market trends that will decide its performance in coming years. According to our latest research report âSouth Korean Insurance Industry Forecast to 2012â, the total premiums earnings will grow at a CAGR of over 6% during the forecast period (FY 2009 â FY 2012). Our research also provides a comprehensive study of the reasons that will fuel growth in the insurance market over the forecast period.
We have identified that the life insurance premiums reported first ever decline during FY 2008 because of the global economic crisis. Our research indicates that the short term outlook of the South Korean life insurance sector remains gloomy, particularly for the current fiscal year, and gives thorough analysis of the expected decline in the sector. Looking at the long term future potential, we anticipate the overall life insurance premium revenues start recovering from 2010 onwards and will grow at a CAGR of over 4%. Various factors that will foster growth in the premium revenues have been deeply researched in the report.
Besides, other segment of the insurance industry i.e. non-life insurance sector will grow at a relatively fast rate, with CAGR projected at over 9% for the forecast period. We have included a host of non-life insurance segments in the report to facilitate clients understand the structure of overall non-life insurance sector. The report also provides comprehensive information of all the non-life segments that will witness higher growth rates over the forecast period along with reason based analysis.
âSouth Korean Insurance Industry Forecast to 2012â analyzes growth areas existing in the insurance industry and gives broad overview of its progress in coming years. The report also contains detailed description of the important companies operating in both life and non-life insurance sector.
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