Boston, MA -- (SBWIRE) -- 02/11/2013 -- The growth in the South Korean non-life insurance segment was primarily driven by the growing industrial and commercial construction markets, rising automobile sales and positive economic outlook in the country. Growth in the market over the forecast period will be driven by the development of large-scale transport and other infrastructure projects undertaken by the South Korean government, rising consumer awareness about the benefits of non-life insurance products and expansion of distribution channels across the country.

Key Highlights

- The growth of the non-life insurance segment will be primarily driven by sales of motor and property insurance.
- The written premium for motor insurance is expected to increase over the forecast period, primarily due to an increase in automobile sales and new car registrations as a result of the strong economic recovery.
- Furthermore, the growth in the property insurance category, the second largest category in the non-life insurance segment, is expected to be driven by several major construction and infrastructure projects due to be carried out in the country over the forecast period.
- Over the forecast period, agencies are expected to continue to be the dominant distribution channel, as non-life insurance companies continue to develop qualified teams of insurance professionals and agents.
- Numerous changes in the South Korean regulatory environment took place in the past decade, primarily to increase insurance companies' accountability and policy compliance with international standards.

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Scope

This report provides a comprehensive analysis of the non-life insurance market in South Korea:

- It provides historical values for South Korea's non-life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in South Korea's non-life insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for non-life insurance products in South Korea
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in South Korea for the non-life insurance business
- It provides a detailed analysis of the reinsurance market in South Korea and its growth prospects
- It profiles the top non-life insurance companies in South Korea and outlines the key regulations affecting them

Reasons to Get this Report

- Make strategic business decisions using in depth historic and forecast market data related to the South Korean non-life insurance market and each sector within it

Companies Mentioned in this Report: Samsung Fire and Marine, Hyundai Marine and Fire, Dongbu Insurance, LIG Insurance, Meritz Fire and Marine Insurance, Hanwha Non-Life Insurance, Heugkuk Fire and Marine Insurance, Lotte Non-Life Insurance, Green Non-Life Insurance

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