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South Korea Insurance Market Driven by Traditional Distribution Channel: Ken Research
South Korea Insurance Market Driven by Traditional Distribution Channel: Ken Research
South Korea Insurance Market Driven by Traditional Distribution Channel: Ken Research
TABLE OF CONTENTS
1. 1.1. 1.2. 1.3. Asia-Pacific Insurance Industry Industry Introduction Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P Asia-Pacific Insurance Market Segmentation
1.3.1. By Geography, 2005-2012P 1.3.2. By Life and Non Life, 2005-2012P 1. 1.1. 1.2. 2. 3. 3.1. 3.2. South Korea Insurance Industry South Korea Insurance Value Chain South Korea Insurance Market Size by Direct Written Premium, FY2005-FY2012P South Korea Insurance Government Regulations South Korea Life Insurance Market South Korea Life Insurance Market Size, FY2005-FY2012P Life Insurance Segmentation, FY2005-FY2012P
3.3. Market Share of Domestic and Foreign Insurers in Life Insurance Industry in South Korea, FY2011 3.4. 4. 4.1. 4.2. 4.3. 5. 5.1. South Korea Life Insurance Market Future Outlook and Projection, FY2013-FY2016 South Korea Non-Life Insurance Market South Korea Non-Life Insurance Market Size, FY2005-FY2012P South Korea Non Life Distribution Channel, FY 2005-FY2011 Market Share of Major Non Life Insurers in South Korea, FY2011 Non-Life Insurance Segmentation, FY2005-FY2012P South Korea Long Term Insurance Industry
5.1.2. Long Term Insurance Segmentation, FY2005-FY2012P 5.1.3. South Korea Long Term insurance Claim Paid, FY2005-FY2011 4 5.1.4. Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry in South Korea, FY2011 5.2. South Korea Long Term insurance Market Future Outlook and Projection, FY2013FY2016 5.3. South Korea Automobile Insurance Industry
5.3.1. South Korea Automobile Insurance Market Size, FY2005-FY2012P 5.3.2. Automobile Insurance Segmentation, FY2005-FY2012P 5.3.3. South Korea Automobile insurance Claim Paid, FY2005-FY2011 5.3.4. Market Share of Domestic and Foreign Insuerers in Automobile Insurance Industry in South Korea, FY2011 5.3.5. South Korea Automobile insurance Market Future Outlook and Projection, Fy2013FY2016 5.4. South Korea Casualty Insurance Industry
5.4.1. South Korea Casualty Insurance Market Size, FY2005-FY2012P 5.4.2. South Korea Casualty insurance Claim Paid, FY2005-FY2012P 5.4.3. Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry in South Korea, FY2011 5.4.4. South Korea Casualty insurance Market Future Outlook and Projection, FY2013FY2016 5.5. South Korea Guarantee Insurance Industry
5.5.1. South Korea Guarantee Insurance Market Size, FY2005-FY2012P 5.5.2. South Korea Guarantee insurance Claim Paid, FY2005-FY2011 5.5.3. Market Share of Domestic and Foreign Insurers in Guarantee Insurance Industry in South Korea, FY2011 5.5.4. South Korea Guarantee insurance Market Future Outlook and Projection, FY2013FY2016 5.6. South Korea Marine Insurance Industry 3
5.6.1. South Korea Marine Insurance Market Size, FY2005-FY2012P 5.6.2. South Korea Marine insurance Claim Paid, FY2005-FY2011 5.6.3. Market Share of Domestic and Foreign Insurers in Marine Insurance Industry in South Korea, FY2011 5.6.4. South Korea Marine insurance Market Future Outlook and Projection, FY2013-FY2016 5.7. South Korea Fire Insurance Industry
5.7.1. South Korea Fire Insurance Market Size, FY2005-FY2012P 5.7.2. South Korea Fire insurance Claim Paid, FY2005-FY2011 5.7.3. Market Share of Domestic and Foreign Insurers in Fire Insurance Industry in South Korea, FY2011 5.7.4. South Korea Fire insurance Market Future Outlook and Projection, FY2013-FY2016 6. South Korea Non-Life Insurance Market Future Outlook and Projection, FY2013FY2016 7. South Korea Insurance Industry Trends and Developments
Emergence of New Distribution Channel Rising Merger, Acquisitions and Joint Venture Rising Ageing Population Increasing Cyber Risk Insurance Need 8. 8.1. Asia-Pacific Insurance Industry Future Outlook Asia-Pacific Insurance Industry Future Projections
8.1.1. By Geography, 2013-2016 9. South Korea Insurance Industry Future Outlook and Projections, FY2013-FY2016
9.1. Cause and Effect Relationship Between Dependent and Independent Factors Prevailing in South Korea Insurance Market 10. Company Profile of Major Players in South Korea Life Insurance Industry
10.1.2. Business Strategies 10.1.3. Financial Performance 10.2. Hanwha Life 10.2.1. Company Profile 10.2.2. Business Strategies 10.3. Kyobo Life 10.3.1. Company Profile 10.3.2. Business Strategies 10.3.3. Financial Performance 11. Company Profile of Major Players in South Korea Non-Life Insurance Industry
11.1. Hyundai Marine and Fire Insurance 11.1.1. Company Profile 11.1.2. Business Strategies 11.1.3. Financial Performance 11.2. LIG Insurance 11.2.1. Company Profile 11.2.2. Business Strategies 11.2.3. Financial Performance 12. South Korea Insurance Industry Macro-Economic Indicators: Historical and Projections
12.1. South Korea Population, 2005-2016 12.2. GDP of South Korea, 2005-2016 12.3. Healthcare Expenditure of South Korea, 2005-2016 12.4. Total Vehicle Production in South Korea, 2005-2016 13. Appendix
13.3. Research Methodology Data Collection Methods Approach Variables (Dependent and Independent) Multi Factor Based Sensitivity Model Final Conclusion 13.4. Disclaimer
LIST OF FIGURES
Figure 1: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P Figure 2: Asia-Pacific Insurance Market Segmentation by Life and non Life on the Basis of Direct Written Premium in Percentage, 2005-2012P Figure 3: Insurance Value Chain Figure 4: South Korea Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P Figure 5: South Korea Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P Figure 6: South Korea life Insurance Market Segmentation by General and Separate Account on the Basis of Direct Written Premium in Percentage, FY2005-FY2012P Figure 7: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basis of Direct Written Premium in Percentage, FY2011 Figure 8: South Korea Life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY2013-FY2016 Figure 9: South Korea Non Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P Figure 10: South Korea Non life Insurance Distribution Channel by Agents, Solicitors, Company Employees, Bank, Broker and Insurance Pools on the Basis of Direct Written Premium in Percentage, FY2005-FY2011 6
Figure 11: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of Direct Written Premium in Percentage, FY2011 Figure 12: South Korea Non life Insurance Market Segmentation by Long Term, Automobile, Casualty, Guarantee, Marine, Fire and others on the Basis of Direct Written Premium in Percentage, FY2005-FY2012P Figure 13: South Korea Long Term Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P Figure 14: South Korea Long Term Insurance Market Segmentation by Personal Accident, Health, Property and Others on the Basis of Direct Written Premium in Percentage, FY2005FY2012P Figure 15: South Korea Long Term Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY2005-FY2011 Figure 16: Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry on the Basis of Direct Written Premium in Percentage, FY2011 Figure 17: South Korea Automobile Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P Figure 18: South Korea Automobile Insurance Market Segmentation by Voluntary and Compulsory Auto Liability Insurance on the Basis of Direct Written Premium in Percentage, 2005-2012P Figure 19: South Korea Automobile Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY2005-FY2011 Figure 20: Market Share of Domestic and Foreign Insurers in Automobile Insurance Industry on the Basis of Direct Written Premium in Percentage, FY2011 Figure 21: South Korea Casualty Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P Figure 22: South Korea Casualty Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY2005-FY2011 Figure 23: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the Basis of Direct Written Premium in Percentage, FY2011 Figure 24: South Korea Casualty Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY2013-FY2016 Figure 25: South Korea Guarantee Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P
Figure 26: South Korea Guarantee Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY2005-FY2011 Figure 27: Market Share of Domestic and Foreign Insurers in Guarantee Insurance Industry on the Basis of Direct Written Premium in Percentage, FY2011 Figure 28: South Korea Guarantee Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY2013-FY2016 Figure 29: South Korea Marine Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY2005-FY2012 Figure 30: South Korea Marine Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY2005-FY2011 Figure 31: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on the Basis of Direct Written Premium in Percentage, FY2011 Figure 32: South Korea Marine Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY2013-FY2016 Figure 33: South Korea Fire Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P Figure 34: South Korea Fire Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY2005-FY2011 Figure 35: Market Share of Domestic and Foreign Insurers in Fire Insurance Industry on the Basis of Direct Written Premium in Percentage, FY2011 Figure 36: South Korea Fire Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY2013-FY2016 Figure 37: South Korea Non life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY2013-FY2016 Figure 38: South Korea Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY2013-FY2016 Figure 39: South Korea Life Insurance Premium Income of Samsung Life in USD Million, FY2005-FY2011 Figure 40: South Korea Life Insurance Premium Income of Kyobo Life in USD Million, FY2006-FY2011 Figure 41: South Korea Non-Life Insurance Direct Written Premium of Hyundai Marine and Fire Insurance in USD Million, FY2005-FY2011
Figure 42: South Korea Non-Life Insurance Direct Written Premium of LIG Insurance in USD Million, FY2007-FY2012 Figure 43: South Korea Population in Million, 2005-2016 Figure 44: GDP of South Korea in USD Million, 2005-2016 Figure 45: Healthcare Expenditure of South Korea in USD Million, 2005-2016 Figure 46: Total Vehicle Production in South Korea in Million, 2005-2016
LIST OF TABLES
Table 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct Written Premium in USD Billion, 2005 -2012P Table 2: Asia-Pacific Insurance Market Segmentation by Life and Non Life on the Basis of Direct Written Premium in USD Billion, 2005 -2012P Table 2: South Korea life Insurance Market Segmentation by General and Separate Account on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P Table 3: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basis of Direct Written Premium in USD Million, FY2011 Table 4: South Korea Non life Insurance Market Segmentation by Agents, Direct Sales and Broker on the Basis of Direct Written Premium in USD Million, FY2005-FY2011 Table 5: Market Share of Major Insurers in Non Life Insurance Industry on the Basis of Direct Written Premium in USD Million, FY2011 Table 6: South Korea Long Term Insurance Market Segmentation by Personal Accident, Health, Property and Others on the Basis of Direct Written Premium in USD Million, FY2005FY2012P Table 7: Market Share of Domestic and Foreign Insurers in Long Term Insurance Industry on the Basis of Direct Written Premium in USD Million, FY2011 Table 8: South Korea Long Term Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY2013-FY2016 Table 9: South Korea Automobile Insurance Market Segmentation by Voluntary and Compulsory Auto Liability Insurance on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P Table 10: Market Share of Domestic and Foreign Insurers in Automobile Insurance Industry on the Basis of Direct Written Premium in USD Million, FY2011 5 Table 11: South Korea Automobile Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY2013-FY2016 Table 12: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the Basis of Direct Written Premium in USD Million, FY2011 Table 13: Market Share of Domestic and Foreign Insurers in Casualty Insurance Industry on the Basis of Direct Written Premium in USD Million, FY2011 10
Table 14: Market Share of Domestic and Foreign Insurers in Marine Insurance Industry on the Basis of Direct Written Premium in USD Million, FY2011 Table 15: Market Share of Domestic and Foreign Insurers in Fire Insurance Industry on the Basis of Direct Written Premium in USD Million, FY2011 Table 16: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, 2013-2016 Table 17: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of South Korea Insurance Market Table 18: Correlation Matrix of the South Korea Insurance Industry Table 19: Regression Coefficients Output of South Korea Insurance Industry
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The insurance market in Asia-Pacific region has grown remarkably over the past few years due to the growth in the emerging markets such as China, Japan, India, Australia, Taiwan and South Korea. The countries in the Asia-Pacific region are at different stages of economic development unlike the European countries and the US which has created significant opportunities for the insurers in the region in order to serve the financial needs of the customers. The market in the region has grown at a CAGR of 11.9% from USD ~ million in 2005 to USD ~million in 2012 Figure: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
16,00,000.0 14,00,000.0 12,00,000.0 USD Million 10,00,000.0 8,00,000.0 6,00,000.0 4,00,000.0 2,00,000.0 0.0 2005 2006 2007 2008 2009 2010 2011 2012P
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BY GEOGRAPHY, 2005-2012P
Asia-Pacific insurance industry is majorly contributed by 6 major countries such as Japan, China, South Korea, Taiwan, India and Australia with the share of ~% in 2012. Japan insurance market is the second largest in the world with the contribution of more than ~% in 2012. The China insurance industry is China insurance industry is one of one of the predominant markets in the insurance industry the predominant markets in the in the Asia-Pacific region with a contribution of ~% of the insurance industry in the AsiaPacific region with a contribution direct written premium in the region in 2012 South Korea is the third largest market with a contribution of ~% in 2012. The country insurance sector is more complicated with limited growth opportunities in comparison with the growing market in the region such as China and India Table: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct Written Premium in USD Billion, 2005-2012P
Countries Japan China South Korea Taiwan India Australia Hong Kong Singapore Thailand Malaysia Indonesia 2005 2006 2007 2008 2009 2010 2011 2012P
of ~% of the direct written premium in the region in 2012.
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New Zealand Philippines Vietnam Pakistan Kazakhstan Bangladesh Sri Lanka Total
The South Korean insurance market is one of the largest insurance industries in the world. The insurance market in the country has experienced a growth of 18.6% from USD ~ million in FY2010 to USD ~ million in FY2011.... The insurance penetration rate of South Korea is one of the highest in the world. The countrys insurance penetration in terms of direct written premium of gross domestic product in 2011 was ~% overtaking Japan with ~% and ranking third in Asia after Taiwans ~% and Hong Kongs ~% in 2011. The domestic insurers sector in the country is more sophisticated but with the limited organic growth opportunities in comparison with the growing market in the region such as China and India with the insurance penetration rate of ~% and ~% respectively in 2011. In those countries insurers remain focused on their home market growth and favorable demographic factors continue to support developing market.
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Figure: South Korea Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P
1,40,000.0 1,20,000.0 1,00,000.0 USD Million 80,000.0 60,000.0 40,000.0 20,000.0 0.0 FY'2005
Note: FY ending- 31st March Life Insurance is in Premium Income Non-Life Insurance is in Direct Written Premium
FY'2006
FY'2007
FY'2008
FY'2009
FY'2010
FY'2011
FY'2012P
. The general account insurance has witnessed an increase in direct written premium of 10.9% from USD ~ The separate account insurance million in FY2010 to USD ~ million in FY2011 due to has also experienced a growth of 13.5% to USD ~ million in FY2011 the growth in premium income for pensions and endowment insurance. In FY2011, the endowment insurance has experienced a growth of 28.2% with the premium income of KRW ~ million. The separate account insurance has also experienced a growth of 13.5% to USD ~ million in FY2011. The premium income of retirement insurance has witnessed a decline of ~% in FY2011 from the previous year while the corporate insurance has posted a growth of ~% to USD ~ million in FY2011... 15
Figure: South Korea life Insurance Market Segmentation by General and Separate Account on the Basis of Direct Written Premium in Percentage, FY2005-FY2012P
1.2 1.0 0.8 In Percentage 0.6 0.4 0.2 0.0 FY'2005 FY'2006 FY'2007 FY'2008 Separate Account FY'2009 FY'2010 FY'2011 General Account FY'2012P
Table: South Korea life Insurance Market Segmentation by General and Separate Account on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P
Segments General Account Individual Insurance Group Insurance Separate Account Retirement Insurance Corporate Insurance Variable Insurance Total
Note:FY ending- 31st March; Life Insurance is in Premium Income
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012P
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MARKET SHARE OF DOMESTIC AND FOREIGN INSURERS IN LIFE INSURANCE INDUSTRY IN SOUTH KOREA, FY2011
The country life insurance market is dominated by the domestic insurers with the contribution of around ~% and the direct written premium of USD ~ million in FY2011. The majority of the domestic insurance market in the country is held by three life insurance companies such as Samsung Life, Korea Life and Kyobo Life with the share of ~% in FY2011. Figure: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basis of Direct Written Premium in Percentage, FY2011
Domestic
Foreign
Table: Market Share of Domestic and Foreign Insurers in Life Insurance Industry on the Basis of Direct Written Premium in USD Million, FY2011
Players Domestic Insurers Foreign Insurers Total
Note:FY ending- 31st March;Life Insurance is in Premium Income
FY2011
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In FY2011, there are ~ non life insurance companies conducting business in the South Korean market which includes ~ domestic general insurers and ~ foreign general insurance companies. The domestic insurance companies includes ~ general insurers conducting direct insurance business, 1 reinsurer, 1 mono-line guarantee insurer and 1 mono-line automobile insurer.. The major general insurance companies have adopted various advertisement methods in order to increase their sales in the country. General Insurance Association of Korea has reviewed about ~ online advertisements, ~ TV advertisements and ~ newspapers advertisements in order to prevent the consumer damage and promote fair transactions in general insurance industry. Figure: South Korea Non Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY2005-FY2012P
60,000.0 50,000.0 USD Million 40,000.0 30,000.0 20,000.0 10,000.0 0.0 FY'2005
Note:FY ending- 31st March
FY'2006
FY'2007
FY'2008
FY'2009
FY'2010
FY'2011
FY'2012P
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In FY2011, there are ~ insurance agents in the country which includes ~ private insurance agents and ~ corporate insurance agents. The number of private and corporate insurance agents has experienced decrease of ~% and ~% respectively in FY2011 with respect to the previous year. In FY2011, the number of solicitors has witnessed decline of ~% to ~ persons which includes ~ general insurance persons and ~ cross-selling insurance solicitors. The insurance solicitor channel in the country includes ~ men and ~ women. In FY2011, the monthly average income person is amounted to KRW ~ while the monthly average premium written per 1 solicitor is amounted to KRW ~ million. The company employees channel is the third largest contributor in the general insurance distribution channel with the share of ~% in FY2011. The number of directors and employees in the non life insurance industry has observed an increase of ~ persons over the previous year to ~ persons in FY2011. The number of outlets of general insurers in the country has also experienced an increase of ~% to ~ outlets. Figure 1: South Korea Non life Insurance Distribution Channel by Agents, Solicitors, Company Employees, Bank, Broker and Insurance Pools on the Basis of Direct Written Premium in Percentage, FY2005-FY2011
100.0% 90.0% 80.0% 70.0% 60.0% In Percentage % 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% FY'2005 FY'2006 FY'2007 Banks FY'2008 FY'2009 FY'2010 Solicitors FY'2011 Agents Insurance Pools
Note:FY ending- 31st March
Broker
Company Employees
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Table: South Korea Non life Insurance Market Segmentation by Agents, Direct Sales and Broker on the Basis of Direct Written Premium in USD Million, FY2005-FY2011
Channel Agents Solicitors Company Employees Banks Broker Insurance Pools Total
Note:FY ending- 31st March
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
In FY2011, the country's automobile insurance industry has posted the highest loss ratio of ~% among all lines of general insurance business. The majority of the loss occurred in the online auto vehicle insurance which steeply rose to ~% in FY2011 from ~% in FY2010. The industry has witnessed a combined ratio of ~% in FY2011 which has created a heavy burden on insurance companies. The country's automobile insurance industry has paid a claim of USD ~ million in FY2011 with a growth of ~% in comparison to USD ~ million in FY2010. In FY2011, the traffic accident caused by drunk driving has increased by ~% over the prior year while its share in the overall traffic accident was ~% to ~ cases in which ~ persons were killed 20
and ~ people were injured. In South Korea most of the accidents occurred in evening rush hours such as 6-8 PM contribute ~% of the overall cases and in night hours which include 8-10 PM covers ~% in FY2011. The number of deaths in traffic accident per ~ vehicles is 2.8 persons in FY2011. Figure: South Korea Automobile Insurance Market Claim Paid on the Basis of Direct Written Premium in USD Million, FY2005-FY2011
9,000.0 8,000.0 7,000.0 USD Million 6,000.0 5,000.0 4,000.0 3,000.0 2,000.0 1,000.0 0.0 FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011
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SOUTH KOREA GUARANTEE INSURANCE MARKET FUTURE OUTLOOK AND PROJECTION, FY2013-FY2016
The country guarantee insurance market is expected to grow at a CAGR of 1.8% from FY2013FY2016 and is predicted to record direct written premium of USD ~ million in FY2016 Figure: South Korea Guarantee Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY2013-FY2016
1,320.0 1,310.0 1,300.0 USD Million 1,290.0 1,280.0 1,270.0 1,260.0 1,250.0 1,240.0 1,230.0 FY'2013
Note:FY ending- 31st March
FY'2014
FY'2015
FY'2016
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The rising ageing population in South Korea has triggered the demand for the insurance products
BY GEOGRAPHY, 2013-2016
The Asia-Pacific Insurance industry is expected to grow at a CAGR of 11.2% from 2013-2016 on account of the rising population in the emerging markets of Asia such as India and China. It is anticipated that the total direct written premium of the insurance products will increase to USD ~ million in 2016 from USD ~ million in 2012
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Table: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, 2013-2016
Countries Japan China South Korea Taiwan India Australia Hong Kong Singapore Thailand Malaysia Indonesia New Zealand Philippines Vietnam Pakistan Kazakhstan Bangladesh Sri Lanka Total 2013 2014 2015 2016
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2,00,000.0
USD Million
1,50,000.0
1,00,000.0
50,000.0
FY'2016
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CAUSE AND EFFECT RELATIONSHIP BETWEEN DEPENDENT AND INDEPENDENT FACTORS PREVAILING IN SOUTH KOREA INSURANCE MARKET
Table: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of South Korea Insurance Market
Industry Factors Strict Government Regulations and Support Ageing Population Market Impact Comments Cause: Positive Effect: Negative Effect:.
Cause: Effect:
Cause: Effect:.
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DISCLAIMER
No part of this manual or any material appearing may be reproduced, stored in or transmitted on any other Web site without written permission of Ken Research and any payments of a specified fee. Requests to republish any material may be sent to us.
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