Personal Accident and Health Insurance in South Korea, Key Trends and Opportunities to 2018


#245068

213pages

Timetric

$ 1950

In Stock


Synopsis

The report provides in-depth market analysis, information and insights into the South Korean personal accident and health insurance segment, including:

  • The South Korean personal accident and health insurance segment’s growth prospects by insurance category
  • Key trends, drivers and challenges for the personal accident and health insurance segment
  • The various distribution channels in the South Korean personal accident and health insurance segment
  • The detailed competitive landscape in the personal accident and health insurance segment in South Korea
  • Detailed regulatory policies of the South Korean insurance industry
  • Analysis of various consumer segments in South Korean personal accident and health insurance
  • Key developments in the South Korean personal accident and health insurance segment
  • New products launched by South Korean personal accident and health insurers

Executive summary

In terms of gross written premium, the personal accident and health insurance segment grew from KRW16.3 trillion (US$12.7 billion) in 2009 to KRW28.0 trillion (US$25.5 billion) in 2013, after recording a review-period (2009–2013) compound annual growth rate (CAGR) of 14.5%. This growth was a result of the high rate of traffic accidents, the aging population, and rises in product penetration, disposable income and the volume of outbound tourists. These factors are also expected to support the segment’s growth over the forecast period (2013–2018). The segment’s gross written premium is projected to reach KRW43.4 trillion (US$41.2 billion) in 2018, after registering a forecast-period CAGR of 9.2%.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in South Korea:

  • It provides historical values for the South Korean personal accident and health insurance 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 the South Korean personal accident and health insurance segment, along with market forecasts until 2018.
  • 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 personal accident and health insurance products in South Korea.
  • It profiles the top personal accident and health insurance companies in South Korea and outlines the key regulations affecting them.

Reasons to buy

  • Make strategic business decisions using in-depth historic and forecast market data related to South Korean personal accident and health insurance segment and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean personal accident and health insurance segment.
  • Assess the competitive dynamics in the personal accident and health insurance 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

  • In terms of gross written premium, the personal accident and health insurance segment grew at a review-period CAGR of 14.5%.
  • This growth was a result of the high rate of traffic accidents, the aging population, and rises in product penetration, disposable income and the volume of outbound tourists.
  • Due to the segment’s competitive nature, South Korean personal accident and health insurers primarily focus on technical collaborations to gain a competitive advantage.
  • The segment remains highly competitive, and challenges arise from high rates of suicide and smoking, leading to huge losses for insurers during the review period.
  • The growth of personal accident category is expected to be driven by rising consumer awareness of the importance of personal accident cover, due to the country’s high traffic accident rate.
  • Growth in the health category is expected to be driven by an overall rise in healthcare expenditure due to South Korea’s rapidly aging population, and the increased participation of private health insurers.