Emerging Market and Investment Opportunities in South Korean Motor Insurance to 2016

Emerging Market and Investment Opportunities in South Korean Motor Insurance to 2016

Executive Summary

The South Korean motor insurance category is growing steadily due to the introduction of mandatory motor liability insurance policies and the country’s rising number of passenger car sales. According to South Korean Law, all car users must purchase compulsory automobile liability insurance (CALI) which provides insurance cover against physical injury or death caused to a third party in a road accident. The implementation of mandatory motor insurance policy has been one of the main growth drivers for South Korean motor insurance during the review period. Furthermore, the South Korean government has passed several support schemes to encourage consumer spending and support the expansion of the country’s automobile industry during the review period. The government’s support schemes include multiple tax benefits for consumers who buy new cars and trade in vehicle models bought prior to 1999. This drove the South Korean motor insurance category growth during the review period.

Key highlights of this title

  • The South Korean motor insurance category in written premium value grew at a compound annual growth rate (CAGR) of 1.6% during the review period. This growth was supported by the introduction of mandatory motor insurance policies in South Korea and by the country’s rising number of passenger car sales
  • The South Korean motor insurance category is projected to grow at a rapid rate over the forecast period (2012–2016). The rapid development of automobile sales is expected to fuel the motor insurance growth over the forecast period.
  • The South Korean motor insurance category is highly concentrated, and includes a small number of local companies and several global businesses with large market shares
  • Samsung Fire and Marine is the market leader in the motor insurance category, and this company alone accounted for a share of 31% of the South Korean non-life insurance segment in 2010
  • The South Korean motor insurance category loss ratio is one of the highest among Asian countries. The health insurance losses grew at a CAGR 4.7% during the review period, and the loss ratio increased from 72.91% in 2007 to 87.7% in 2011

Scope

This report provides a comprehensive analysis of the motor insurance industry in South Korea:

  • It provides historical values for South Korean motor insurance industry 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 markets in the South Korean motor insurance industry, along with market forecasts until 2016
  • It details the different macroeconomic factors affecting the motor insurance industry in South Korea
  • It covers an exhaustive summary on the key trends and drivers affecting the motor insurance industry
  • It outlines current regulatory framework in the industry
  • It details the business and operations strategy used by various South Korean motor insurance companies
  • It profiles the major insurers in the South Korean motor insurance industry

Reasons to Purchase

  • Make strategic business decisions using top-level historic and forecast market data related to the South Korean motor insurance industry and each market within it
  • Understand the key market trends and growth opportunities within the South Korean motor insurance industry
  • Assess the competitive dynamics in the South Korean motor insurance industry
  • Gain insights in to the business and operations strategies used by the South Korean motor insurers
  • Gain insights into key regulations governing the South Korean motor insurance industry

More information available at:

http://bricdata.com/research/report/IS0204MR/

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