South Korea Insurance Market, Size, Share, Outlook and Growth Opportunities 2020-2026
- Published: October-2019
- OG Analysis
Strong demand for insurance of vehicles, property, health and other insurances across South Korea are driving the revenues of insurance companies in the country. Growing life expectancy, tax incentives on insurance products, favourable savings associated with insurance are further encouraging the customers across insurance segments.
On the global front, the world insurance market is dominated by vehicle insurance with the market for motor vehicle insurance is expected to register growth at a CAGR of 6.45% during the forecast period owing to increasing regulatory requirement for vehicle insurance.
South Korea's insurance industry is facing stiff competition as the insurance companies not only compete with each other, but also compete with the risk retention groups, government, and self-insurance. The companies generally compete mainly based on two factors including the quality of the services and price that they provide. Many large organizations self-insure for most of their employee benefits like health coverage that lowers market scope for insurance companies.
Economic growth, rising government spending, technological innovations and increased consumer awareness about insurance products are key market drivers in South Korea. The government's policy of insuring the uninsured has progressively pushed the insurance penetration in South Korea and the proliferation of insurance schemes.
The increasing number of digital distribution channels is favouring the insurers to easily obtain insurance policies. Insurtech, messaging platforms, and online sales channels are contributing to the insurance landscape in the country.
Through different distribution channels, insurance companies in South Korea are providing a wide variety of products with varying levels of complexity that are designed for different groups of businesses, individuals and other organizations. This will provide ways to meet the emerging demands of every end use customer and propel net sales.
Local market players in the country are focusing on marketing their competitive edge by rolling out more plans customized to diverse sectors and developing more innovative digital features.
The South Korea Insurance Market, Size, Share, Outlook and Growth Opportunities 2020-2026 presents a comprehensive analysis of the country’s Insurance activities. The report focuses on market dynamics, recent trends, and insights on the insurance market.
The report covers the 2019 scenario and growth prospects of the Insurance Market for 2020-2026. Insurance Market research identifies that the competition continues to intensify year-on-year with emerging applications.
South Korea Life Insurance Premiums, South Korea Motor Vehicle Insurance, South Korea Property Insurance, South Korea Personal Accident Insurance, South Korea Health Insurance, South Korea General Liability Insurance, South Korea Credit/Financial Guarantee Insurance, and Other Insurance Markets are analyzed and forecast to 2026 in the report.
South Korea population and economic outlook are also presented in the report to provide insights and forecasts of macroeconomic factors shaping the future of Insurance markets.
South Korea Insurance Market is compared against five of its competitive markets in the region to analyze the role of South Korea on the regional front and benchmark its operations.
Global Insurance, Asia Pacific, Europe, Middle East Africa, North America, and South & Central America Insurance market outlook is also presented in the report to provide a global perspective of the industry.
Business and SWOT profiles of three of the leading Insurance companies in South Korea are detailed in the report along with strategic initiatives, recent developments and their impact on overall market growth. The report also analyzes the competitive landscape of companies in the South Korea insurance market.
1.1 Market Scope and Definition
1.2 Study Assumptions
1.3 Research Methodology
2. South Korea Insurance Industry Insights
2.1 Industry Overview, 2019
2.2 South Korea Total Insurance Market Value Outlook, 2016- 2026
2.3 South Korea Insurance Market Trends and Insights
2.4 Key strategies Planned by Market Leaders
2.5 SWOT Analysis
2.5.1 Key Strengths
2.5.2 Key Weaknesses
2.5.3 Potential Opportunities
2.5.4 Potential Threats
3. South Korea Insurance Demand Outlook to 2026
3.1 South Korea Life Insurance Premiums Market Outlook, 2016- 2026
3.2 South Korea Motor vehicle insurance Market Outlook, 2016- 2026
3.3 Property insurance Market Outlook, 2016- 2026
3.4 Transport insurance Market Outlook, 2016- 2026
3.5 Personal accident insurance Market Outlook, 2016- 2026
3.6 Health insurance Market Outlook, 2016- 2026
3.7 General liability insurance Market Outlook, 2016- 2026
3.8 Credit/financial guarantee insurance Market Outlook, 2016- 2026
3.9 Other insurance Market Outlook, 2016- 2026
4. South Korea Insurance Industry Benchmarking
4.1 Overall Ranking
4.2 Demand Index
4.3 Supply Index
4.4 Growth Index
5. SWOT Profiles of Insurance Companies in South Korea
5.1 Company A
5.2 Company B
5.3 Company C
6. South Korea Demographic and Macroeconomic Outlook to 2026
6.1 South Korea GDP (Gross Domestic Product, Current Prices) Outlook, 2006- 2026
6.2 Private Final Consumption Growth, 2016- 2026
6.3 South Korea Disposable Income Outlook, 2006-2026
6.4 South Korea Population Growth Outlook, 2006-2026
6.4.1 Population Outlook by Age, 2006-2026
6.4.2 Population Outlook by Gender, 2006-2026
6.4.3 Population Outlook by Area, 2006-2026
7. Latest Insurance Industry Trends and Developments
8.1 OG Analysis Expertise
8.2 Sources and Research Methodology
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