Boston, MA -- (ReleaseWire) -- 01/14/2014 -- Introduction
Non-Life Insurance in South Korea industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2008-12, and forecast to 2017). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Essential resource for top-line data and analysis covering the South Korea non-life insurance market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.
- The non-life insurance market consists of the general insurance market segmented into motor, property, liability and other insurance. The other segment is made up of non-life insurance products including health, travel, and accident cover among others. The value of the non-life insurance market is shown in terms of gross premium incomes. Gross premium income is defined as the insurer's premium income for the year from its policies, calculated without reduction for reinsurance premiums paid or payable by the insurer. Any currency conversions used in the report have been calculated using constant 2012 annual average exchange rates. The non-life insurance market depends on a variety of economic and non-economic factors, and future performance is difficult to predict. The forecast given in this report is intended as a rough guide to the direction in which the market is likely to move. This forecast is based on a correlation between past market growth and the growth of base drivers, such as population numbers, GDP growth, and long-term interest rates.
- The South Korean non-life insurance market had total gross written premiums of $59.7bn in 2012, representing a compound annual growth rate (CAGR) of 16.5% between 2008 and 2012.
- The motor insurance segment was the market's most lucrative in 2012, with total gross written premiums of $39.4bn, equivalent to 66% of the market's overall value.
- The performance of the market is forecast to decelerate, with an anticipated CAGR of 9.8% for the five-year period 2012 - 2017, which is expected to drive the market to a value of $95.3bn by the end of 2017.
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Leading company profiles reveal details of key non-life insurance market players' global operations and financial performance
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