"South Korea Insurance Report Q3 2014" now available at Fast Market Research

The latest developments in South Korea's massive insurance sector confirm our long-standing and broadly positive view. Insurers have faced challenges such as the downwards pressure on prices and rates in commercial lines and tax changes that have resulted in a fairly sharp drop in sales of savings-related life insurance products. They have responded with strategies that look to optimise distribution (through multiple channels), increase overall efficiency, improve investment outcomes and to strengthen brands. Some companies have developed innovative products. Some are also looking to exploit growth opportunities outside South Korea. All this is happening at a time that the ageing of South Korea's population is resulting in good growth in demand for protection products and healthcare insurance. Unusually in a global context, both the life and the non-life companies are benefiting from this.

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As of mid-2014, BMI remains of the view that the market is an attractive opportunity for 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 long-term 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).

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...

The South Korea Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's South Korea Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Korean insurance industry.

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