Non-Life Insurance Market Thriving in South Korea

Noida, India (PressExposure) September 24, 2009 -- The non-life insurance sector in South Korea is growing at a good pace, mainly driven by long term insurance and automobile insurance. As a result, the share of non-life insurance surged from 30.33% in FY 2007 to an estimated 33.23% in FY 2008. Moreover, the sector is forecast to grow at a CAGR of over 9% between FY 2009 and FY 2012 due to the perennial demand in private health insurance.

We have found that long term insurance sector is steadily growing in South Korea, accounting for around 50% of total direct premiums collected. The premiums are forecasted to grow at a CAGR of over 6% during FY 2009 to FY 2012. The on-going demand for after-retirement protection-type products as well as health insurance products, including accident and illness, and medical expense coverage products are expected to drive this growth.

Besides, premiums collected in automobile insurance increased at a CAGR of over 10% between FY 2005 and FY 2008 as a result of increase in imported car sales amidst the shift in automobile market to high-end and larger car segments. Moreover, during the forecast period (FY 2009 – FY 2012), premiums are anticipated to grow at a CAGR of over 15% as the economic recession fades away. Consequently, there will be an increase in car sales in the latter years of forecast period.

To better gauge the future success of the non-life insurance in the South Korean insurance market, our report “South Korean Insurance Industry Forecast to 2012” provides results and analysis of various non-life insurance products like Fire insurance, Marine insurance, guarantee insurance, casualty insurance, automobile insurance, long term insurance and private annuity insurance.

In addition to this, since deregulation in 1987 the non-life insurance sector has seen many new entrants. However, the leading four - Samsung Fire & Marine, Hyundai Fire & Marine, Dongbu Fire & Marine and LIG insurance - still dominate the market, accounting for around 68% of all non-life insurance assets as of the end of 2008.

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Press Release Submitted On: September 24, 2009 at 4:50 am
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