Deerfield Beach, FL -- (SBWIRE) -- 07/20/2015 -- Synopsis

Reinsurance in South Korea is treated as a category of non-life insurance, and the regulatory structure that applies to non-life insurance also applies to reinsurance. However, the South Korean reinsurance segment's gross written premium grew from KRW13.8 trillion (US$10.8 billion) in 2009 to KRW15.8 trillion (US$14.4 billion) in 2013, at a review-period (2009–2013) CAGR of 3.4%. The absence of large-scale natural disasters in South Korea meant the insurance industry did not record major losses during the review period, encouraging direct insurers to retain the majority of their gross written premium. As such, the South Korean reinsurance segment posted slow growth during the review period.

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Although mandatory cessions in the country no longer exist, ceding insurers give priority to domestic reinsurers due to a regulation in late 2013 prohibiting foreign unlicensed reinsurers from operating. This led to increased dependence on domestic reinsurer Korean Re, supplementing the segment's growth during the review period.

Summary

The report provides in-depth market analysis, information and insights into the South Korean reinsurance segment, including:

- The South Korean reinsurance segment's growth prospects by reinsurance category

- Key drivers for the reinsurance segment

- South Korean reinsurance segment's growth prospects by reinsurance ceded from direct insurance

- The competitive landscape in the South Korean reinsurance segment

Scope

This report provides a comprehensive analysis of the reinsurance segment in South Korea:

- It provides historical values for South Korea's reinsurance segment for the report's 2009–2013 review period, and projected figures for the 2013–2018 forecast period.

- It offers a detailed analysis of the key categories in South Korea's reinsurance segment, along with market forecasts until 2018.

- It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in South Korean its growth prospects.

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Reasons To Buy

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

- Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean reinsurance segment

- Identify the growth opportunities and market dynamics in key product categories

- Gain insights into key regulations governing the South Korean insurance industry, and their impact on companies and the industry's future

Key Highlights

- Reinsurance in South Korea is treated as a category of non-life insurance, and the regulatory structure that applies to non-life insurance also applies to reinsurance.

- The absence of large-scale natural disasters in South Korea meant the insurance industry did not record major losses during the review period, encouraging direct insurers to retain the majority of their gross written premium.

- Although mandatory cessions in the country no longer exist, ceding insurers give priority to domestic reinsurers due to a regulation in late 2013 prohibiting foreign unlicensed reinsurers from operating.

Companies Mentioned:
Korean Re
Swiss Re
Munich Re
Scor Re
RGA
Gen Re
Hannover Re
Tokio Marine
AIG UG

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