The life and non-life insurance market in South Korea size is expected to register at a considerable CAGR of 3.8% during the forecast period, 2021–2028. The growth of the market is attributed to better understanding and financial knowledge, as well as demographic considerations are estimated to drive the market growth during the forecast period.
Life insurance related to a person's life and deathben pays a lump sum amount of the sum guaranteed, at the time of maturity or in the event of the policyholder's death is referred to as life insurance. Non-life insurance plans protect tangible and financial assets in everyday life, such as homes, automobiles, other properties, and financial losses, among other things.
In a country with a structurally high savings rate and a continuously developing economy, South Korea is a perfect example of a North Asian market where life insurance plays a significant role in the organized savings landscape. Non-life insurers, too, have a chance to sell long-term insurance products as a result of this. As the number of premiums it collects, the size of its investment, and, most importantly, the critical social and economic function it plays in covering personal and company risks, the insurance sector is a significant part of the economy. Non-life insurance in South Korea is one of Asia Pacific's fastest-growing industries.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing health awareness and a growing preference for preventative treatment are driving demand for health insurance anticipated to propel the market expansion during the forecast period.
- Rising disposable income is estimated to boost the market growth in the coming years.
- Vehicle insurance is necessary, and the country's growing vehicle industry is projected to spur the market expansion in the coming years.
- New entrants can face obstacles from current insurers' extensive distribution networks as well as customer brand loyalty is projected to hamper market expansion.
- Premium amount for policies has grown as a result of high claim ratios, particularly in the health and automobile insurance sectors, making them less expensive to the middle-income group is estimated to restrict the market growth.
- Rising of life insurance as a way of saving and investing, as well as the developing determinants of tax benefits, is expected to offer lucrative opportunities for the market players.
Scope of the Report
The report on the life and non-life insurance market in South Korea market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Life and Non-life Insurance Market - South Korea Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Insurance Types (Life Insurances and Non-life insurances), and Distribution Channels (Banks, Agencies, Direct, and Others)
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Geographic Zone
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South Korea
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Mirae Asset Life Insurance Co. Ltd; Meritz Fire & Marine Insurance Co. Ltd; Korean Reinsurance Company; KB Insurance Co. Ltd; Nonghyup Life Insurance Co. Ltd; Kyobo Life Insurance Co. Ltd; Hyundai Marine & Fire Insurance Co. Ltd; Hanwha Life Insurance Co. Ltd; Samsung Fire & Marine Insurance Co. Ltd; National Health Insurance Service
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Life and Non-life Insurance Market in South Korea Segment Insights
Life insurances segment is projected to account for a key market share
Based on insurance types, the life and non-life insurance market in South Korea is bifurcated into life insurances and non-life insurances. The life insurances segment is expected to hold a key share of the market during the forecast period due to personal accident and health industry is being driven by a rapidly aging population and a strong demand for post-retirement protection products such as annuities and savings coverage, growing road accident rates, increased disposable income, and a rise in outbound tourism.
Direct segment is expected to grow at a rapid pace
On the basis of distribution channels, the market is divided into banks, agencies, direct business, and others. The direct segment is expected to account for a key share of the market in the coming years due to the quick and simple process, people choose to purchase insurance plans through direct company distribution channels.
Segments
Segments Covered in the Report
The life and non-life insurance market in South Korea has been segmented based on
Insurance Types
- Life Insurances
- Non-life insurances
Distribution Channels
- Banks
- Agencies
- Direct
- Others
Key Players
- Mirae Asset Life Insurance Co. Ltd
- Meritz Fire & Marine Insurance Co. Ltd
- Korean Reinsurance Company
- KB Insurance Co. Ltd
- Nonghyup Life Insurance Co. Ltd
- Kyobo Life Insurance Co. Ltd
- Hyundai Marine & Fire Insurance Co. Ltd
- Hanwha Life Insurance Co. Ltd
- Samsung Fire & Marine Insurance Co. Ltd
- National Health Insurance Service
Competitive Landscape
Key players competing in the life and non-life insurance market in South Korea are Mirae Asset Life Insurance Co. Ltd; Meritz Fire & Marine Insurance Co. Ltd; Korean Reinsurance Company; KB Insurance Co. Ltd; Nonghyup Life Insurance Co. Ltd; Kyobo Life Insurance Co. Ltd; Hyundai Marine & Fire Insurance Co. Ltd; Hanwha Life Insurance Co. Ltd; Samsung Fire & Marine Insurance Co. Ltd; National Health Insurance Service. Some of these players are adopting several business strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares.
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