Recently published research from Business Monitor International, "South Korea Insurance Report Q2 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 05/06/2013 -- Key Insights And Key Risks
As of early 2013, BMI remains of the view that the market is an attractive opportunity to large multinational companies in both segments.
In the life segment, demand for annuities is being boosted by the ageing of the population and by success on the part of particular insurers in lifting the productivity of some distribution channels. The non-life companies are achieving double-digit growth in premiums - but thanks mainly to rising demand for longterm products. The long-term products would in most other countries be offered by companies in the life segment. Moreover, recent legal changes have lifted demand for particular non-life lines (such as compulsory liability insurance for managers of public facilities).
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Nevertheless, there are challenges. The environment of low economic growth and low interest rates means that it has become harder for the leading life companies to offer annuities that are both attractive to the customers and profitable for them. Several of the leading regional life insurance companies, such as Allianz, Prudential plc and AIA, have emphasised how they are shunning unprofitable business in South Korea in the reports that they published in H112. This is at a time that the regulator is increasing its requirements in relation to capital.
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