Home > > > > > Report Detail

Reinsurance in South Korea, Key Trends and Opportunities to 2018

Publisher Name :
Date: 06-Mar-2015
No. of pages: 82
Inquire Before Buying

Synopsis

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.

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.

Summary

The report provides in-depth market analysis, information and insights into the South Korean reinsurance segment, including:


  • The South Korean reinsurance segment's growth prospects by reinsurance category

  • Key drivers for the reinsurance segment

  • South Korean reinsurance segment's growth prospects by reinsurance ceded from direct insurance

  • The competitive landscape in the South Korean reinsurance segment


Scope

This report provides a comprehensive analysis of the reinsurance segment in South Korea:


  • It provides historical values for South Korea's reinsurance segment for the report's 2009-2013 review period, and projected figures for the 2013-2018 forecast period.

  • It offers a detailed analysis of the key categories in South Korea's reinsurance segment, along with market forecasts until 2018.

  • It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in South Korean its growth prospects.


Reasons To Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the South Korean reinsurance segment and each sector within it

  • Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean reinsurance segment

  • Identify the 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


Key Highlights

  • 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.

Reinsurance in South Korea, Key Trends and Opportunities to 2018

Table of Contents

1 Key Facts and Events

2 Executive Summary

3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology

4 South Korean Insurance Industry Attractiveness
4.1 Insurance Industry Size, 2009-2018

5 Reinsurance Growth Dynamics and Challenges
5.1 Reinsurance Segment Size, 2009-2018
5.2 Reinsurance Segment Size by Premium Ceded, 2009-2018

6 Key Industry Drivers
6.1 Reinsurance Drivers
6.2 Life Insurance Drivers
6.3 Non-Life Insurance Drivers
6.4 Personal Accident and Health Insurance Drivers

7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the South Korean Non-Life Reinsurance Segment
7.3 Comparison of the Leading Three Reinsurers
7.3.1 Gross written premium
7.3.2 Gross claims
7.3.3 Paid claims
7.3.4 Total assets
7.4 Korean Reinsurance Company - Company Overview
7.4.1 Korean Reinsurance Company - key facts
7.4.2 Korean Reinsurance Company - key financials
7.5 Munich Reinsurance Company - Company Overview
7.5.1 Munich Reinsurance Company - key facts
7.5.2 Munich Reinsurance Company - key financials
7.6 Swiss Reinsurance Company Ltd - Company Overview
7.6.1 Swiss Reinsurance Company Ltd - key facts
7.6.2 Swiss Reinsurance Company Ltd - key financials

8 Appendix - 1
8.1 Business Confidence
8.1.1 Market capitalization trend - Korea Exchange (KRX), South Korea
8.2 Economic Performance
8.2.1 GDP at constant prices (US$)
8.2.2 GDP per capita at constant prices (US$)
8.2.3 GDP at current prices (US$)
8.2.4 GDP per capita at current prices (US$)
8.2.5 GDP by key sector
8.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
8.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
8.2.8 Manufacturing net output at current prices (US$)
8.2.9 Manufacturing net output at current prices as a percentage of GDP
8.2.10 Mining, manufacturing and utilities at current prices (US$)
8.2.11 Mining, manufacturing and utilities at current prices as a percentage of GDP
8.2.12 Construction net output at current prices (US$)
8.2.13 Construction net output at current prices as a percentage of GDP
8.2.14 Inflation rate
8.2.15 Exports as a percentage of GDP
8.2.16 Imports as a percentage of GDP
8.2.17 Merchandise exports growth
8.2.18 Merchandise imports growth
8.2.19 Annual average exchange rate KRW-US$
8.3 Infrastructure
8.3.1 Commercial vehicle exports - total value
8.3.2 Commercial vehicle imports - total value
8.3.3 Automotive exports - total value
8.3.4 Automotive imports - total value
8.3.5 Total internet subscribers
8.4 Labor Force
8.4.1 Labor force
8.4.2 Unemployment rate
8.5 Demographics
8.5.1 Gross national disposable income (US$)
8.5.2 Household consumption expenditure (US$)
8.5.3 Total population
8.5.4 Urban and rural populations
8.5.5 Age distribution of the total population
8.5.6 Life expectancy

9 Appendix - 2
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 Reinsurance - Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: South Korean Insurance Industry - Gross Written Premium by Segment (KRW Trillion), 2009-2013
Table 4: South Korean Insurance Industry - Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 5: South Korean Insurance Industry - Gross Written Premium by Segment (KRW Trillion), 2013-2018
Table 6: South Korean Insurance Industry - Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 7: South Korean Insurance Industry - Gross Written Premium by Segment (Percentage Share), 2009-2018
Table 8: South Korean Insurance Industry - Direct Written Premium by Segment (KRW Trillion), 2009-2013
Table 9: South Korean Insurance Industry - Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 10: South Korean Insurance Industry - Direct Written Premium by Segment (KRW Trillion), 2013-2018
Table 11: South Korean Insurance Industry - Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 12: South Korean Insurance Industry - Direct Written Premium by Segment (Percentage Share), 2009-2018
Table 13: South Korean Reinsurance - Premium Accepted by Category (KRW Trillion), 2009-2013
Table 14: South Korean Reinsurance - Premium Accepted by Category (US$ Billion), 2009-2013
Table 15: South Korean Reinsurance - Premium Accepted by Category (KRW Trillion), 2013-2018
Table 16: South Korean Reinsurance - Premium Accepted by Category (US$ Billion), 2013-2018
Table 17: South Korean Reinsurance - Premium Ceded by Type of Insurance (KRW Trillion), 2009-2013
Table 18: South Korean Reinsurance - Premium Ceded by Type of Insurance (US$ Billion), 2009-2013
Table 19: South Korean Reinsurance - Premium Ceded by Type of Insurance (KRW Trillion), 2013-2018
Table 20: South Korean Reinsurance - Premium Ceded by Type of Insurance (US$ Billion), 2013-2018
Table 21: South Korean Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 22: South Korean Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 23: South Korean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 24: South Korean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 25: South Korean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 26: South Korean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 27: Shares of Key Operators in the South Korean Non-Life Reinsurance Segment (%), 2013
Table 28: Korean Reinsurance Company, Key Facts
Table 29: Korean Reinsurance Company, Key Financials (KRW Billion), 2008-2012
Table 30: Munich Reinsurance Company, Key Facts
Table 31: Munich Reinsurance Company, Key Financials (KRW Billion), 2008-2012
Table 32: Swiss Reinsurance Company Ltd, Key Facts
Table 33: Swiss Reinsurance Company Ltd, Key Financials (KRW Billion), 2008-2012

List of Figures

Figure 1: South Korean Insurance Industry - Gross Written Premium by Segment (KRW Trillion), 2009-2018
Figure 2: South Korean Insurance Industry - Gross Written Premium Dynamics by Segment (2009-2018)
Figure 3: South Korean Insurance Industry - Direct Written Premium by Segment (KRW Trillion), 2009-2018
Figure 4: South Korean Insurance Industry - Direct Written Premium Dynamics by Segment (2009-2018)
Figure 5: South Korean Reinsurance - Premium Accepted by Category (KRW Trillion), 2009-2018
Figure 6: South Korean Reinsurance - Premium Accepted by Category (% Share), 2013 and 2018
Figure 7: South Korean Reinsurance - Premium Accepted Dynamics by Category, 2009-2018
Figure 8: South Korean Reinsurance - Premium Ceded by Type of Insurance (KRW Trillion), 2009-2018
Figure 9: South Korean Reinsurance - Premium Ceded Dynamics by Type of Insurance, 2009-2018
Figure 10: South Korean Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 11: South Korean Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 12: South Korean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 13: South Korean Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 14: South Korean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 15: South Korean Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 16: Shares of Key Operators in the South Korean Non-Life Reinsurance Segment (%), 2013
Figure 17: Gross Written Premium - Top Three South Korean Reinsurers (KRW Trillion), 2012
Figure 18: Gross Claims - Top-Three South Korean Reinsurers (KRW Trillion), 2012
Figure 19: Paid Claims - Top Three South Korean Reinsurers (KRW Trillion), 2012
Figure 20: Total Assets - Top Three South Korean Reinsurers (KRW Trillion), 2012
Figure 21: South Korean, Korea Exchange (KRX) Market Capitalization (US$ Trillion), 2008-2012
Figure 22: South Korean GDP at Constant Prices (US$ Trillion), 2009-2013
Figure 23: South Korean GDP Per Capita at Constant Prices (US$), 2009-2013
Figure 24: South Korean GDP at Current Prices (US$ Billion), 2009-2013
Figure 25: South Korean GDP per Capita at Current Prices (US$), 2009-2013
Figure 26: South Korean GDP by Key Sector (%), 2008 and 2012
Figure 27: South Korean Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Billion), 2008-2012
Figure 28: South Korean Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2008-2012
Figure 29: South Korean Manufacturing Net Output at Current Prices (US$ Billion), 2008-2012
Figure 30: South Korean Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2008-2012
Figure 31: South Korean Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2008-2012
Figure 32: South Korean Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2008-2012
Figure 33: South Korean Construction Net Output at Current Prices (US$ Billion), 2008-2012
Figure 34: South Korean Construction Output at Current Prices as a Percentage of GDP (%), 2008-2012
Figure 35: South Korean Inflation Rate (%), 2009-2013
Figure 36: South Korean Exports as a Percentage of GDP (%), 2008-2012
Figure 37: South Korean Imports as a Percentage of GDP (%), 2008-2012
Figure 38: South Korean Merchandise Exports Growth (%), 2009-2012
Figure 39: South Korean Merchandise Imports Growth (%), 2009-2012
Figure 40: South Korean Annual Average Exchange Rate US$-KRW, 2009-2013
Figure 41: South Korean Commercial Vehicle Exports - Total Value (US$ Billion), 2009-2013
Figure 42: South Korean Commercial Vehicle Imports - Total Value (US$ Million), 2009-2013
Figure 43: South Korean Automotive Exports - Total Value (US$ Billion), 2009-2013
Figure 44: South Korean Automotive Imports - Total Value (US$ Billion), 2009-2013
Figure 45: South Korean Internet Subscriptions (Millions), 2009-2013
Figure 46: South Korean Size of Labor Force (Million), 2008-2012
Figure 47: South Korean Unemployment Rate (%), 2009-2013
Figure 48: South Korean Gross National Disposable Income (US$ Trillion), 2008-2012
Figure 49: South Korean Household Consumption Expenditure (US$ Billion), 2009-2013
Figure 50: South Korean Total Population (Million), 2009-2013
Figure 51: South Korean Urban and Rural Populations (%), 2009-2013
Figure 52: South Korean Population Distribution by Age (%), 2009-2013
Figure 53: South Korean Life Expectancy (Years), 2009-2013

  • Global Reinsurance Market Growth (Status and Outlook) 2024-2030
    Published: 04-Jan-2024        Price: US 3660 Onwards        Pages: 147
    According to our LPI (LP Information) latest study, the global Reinsurance market size was valued at US$ 273770 million in 2023. With growing demand in downstream market, the Reinsurance is forecast to a readjusted size of US$ 309410 million by 2030 with a CAGR of 1.8% during review period. The research report highlights the growth potential of the global Reinsurance market. Reinsurance are expected to show stable growth in the future market. However, product differentiation, reducing co......
  • Global Reinsurance Industry Research Report, In-depth Analysis of Current Status and Outlook of Key Countries 2023-2028
    Published: 17-Oct-2023        Price: US 3380 Onwards        Pages: 120
    Market Overview of Global Reinsurance market: According to our latest research, the global Reinsurance market looks promising in the next 5 years. As of 2022, the global Reinsurance market was estimated at USD XX million, and it's anticipated to reach USD XX million in 2028, with a CAGR of XX% during the forecast years. This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Reinsurance market, with a systematica......
  • Global Reinsurance Market Insights: Impact of COVID-19 and Future Expectations to 2028
    Published: 28-Feb-2023        Price: US 3260 Onwards        Pages: 126
    Reinsurance is insurance that is purchased by an insurance company. In the classic case, reinsurance allows insurance companies to remain solvent after major claims events, such as major disasters like hurricanes and wildfires. In addition to its basic role in risk management, reinsurance is sometimes used for tax mitigation and other reasons. The company that purchases the reinsurance policy is called a "ceding company" or "cedent" or "cedant" under most arrangements. The company issuing the re......
  • Reinsurance Market, Global Outlook and Forecast 2023-2029
    Published: 16-Jan-2023        Price: US 3250 Onwards        Pages: 113
    Reinsurance, also known as insurance for insurers or stop-loss insurance, is the practice of insurers transferring portions of risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim. The party that diversifies its insurance portfolio is known as the ceding party. The party that accepts a portion of the potential obligation in exchange for a share of the insurance premium is known as the reinsurer. Reinsur......
  • Global Reinsurance Market Research Report 2023
    Published: 07-Jan-2023        Price: US 2900 Onwards        Pages: 115
    Reinsurance, also known as insurance for insurers or stop-loss insurance, is the practice of insurers transferring portions of risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim. The party that diversifies its insurance portfolio is known as the ceding party. The party that accepts a portion of the potential obligation in exchange for a share of the insurance premium is known as the reinsurer. Reinsur......
  • Global Reinsurance Market Growth (Status and Outlook) 2023-2029
    Published: 06-Jan-2023        Price: US 3660 Onwards        Pages: 121
    Reinsurance, also known as insurance for insurers or stop-loss insurance, is the practice of insurers transferring portions of risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim. The party that diversifies its insurance portfolio is known as the ceding party. The party that accepts a portion of the potential obligation in exchange for a share of the insurance premium is known as the reinsurer. Reinsur......
  • Global Reinsurance Market Research Report 2022 - Market Size, Current Insights and Development Trends
    Published: 20-Oct-2022        Price: US 3450 Onwards        Pages: 110
    The report focuses on the Reinsurance market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends. Furthermore, the report provides strategies for companies to overcome threats posed by COVID-19. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market. Moreover, cus......
  • Global Reinsurance Market Research Report 2022
    Published: 06-Sep-2022        Price: US 2900 Onwards        Pages: 112
    Reinsurance market is segmented by players, region (country), by Type and by Distribution Channel. Players, stakeholders, and other participants in the global Reinsurance market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Distribution Channel for the period 2017-2028. Segment by Type - P&C Reinsurance - Life Reinsurance Segment by Distribution C......
  • 2022-2029 Global Reinsurance Professional Market Research Report, Analysis from Perspective of Segmentation (Competitor Landscape, Type, Application, and Geography)
    Published: 05-Apr-2022        Price: US 2980 Onwards        Pages: 105
    The Reinsurance market has witnessed growth from USD XX million to USD XX million from 2017 to 2022. With the CAGR of X.X%, this market is estimated to reach USD XX million in 2029. The report focuses on the Reinsurance market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends. Furthermore, the report provides detailed cost analysis, supply chain. Technological innovation and adv......
    • SERVICES
    Value for Money
    We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.
    Ever Growing Inventory
    Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.
    One Stop Solution
    Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? RnRMarketResearch.com is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.
    Dedicated Client Engagement
    Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.
    Saving Time and Efforts
    Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.
    Payment Flexibility
    Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.
    Post-Purchase Research Support
    Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The RnRMarketResearch.com team is here for you 24X7 to support you with your post-purchase requirements. Subscription Offers & Packages (Get in touch with us for more details - [email protected] / +1 888 391 5441 )
    • Ad Hoc
    • Pay - as - you - go / Bucket Subscriptions
    • Fixed Cost for #of reports
    • Customize / Personalize as per your needs