South Korea General Insurance – Key Trends and Opportunities to 2025
The South Korea general insurance market size was $96.71 trillion in 2021. The market is expected to grow at a CAGR of more than 5% from 2020 to 2025. In 2020, the general insurance segment in South Korea remained stable due to strong capitalization performance, which sustained the impacts of deferred premium payments and increased claims payouts.
The South Korea general insurance market research report provides a detailed outlook by product category for the South Korean general insurance industry. It provides values for key performance indicators such as gross written premium, loss ratio, retail and commercial split, premium by line of business, and premium accepted and ceded, during the review period and forecast period. The report also analyzes distribution channels operating in the segment and gives a comprehensive overview of South Korea’s economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.
South Korea General Insurance Market Overview
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What are the key South Korea general insurance market trends?
According to the Financial Services Commission (FSC), large domestic insurance companies are preparing driving habit-related insurance based on camera image Artificial Intelligence (AI) in partnership with Kabi, an Insurtech startup. In addition, Carrot General Insurance, a digital non-life insurance company, also started developing Behavior-Based Insurance (BBI) policies to launch them in H2 2022. The FSC also announced the government-approved revisions to the Enforcement Decree of the Insurance Business Act, which aims to introduce small-sum, short-term specialized insurance businesses, including pet, leisure, and travel insurance.
Samsung Fire Insurance established a new committee for taking decisions on environmental, social, and governance (ESG) matters, which will enable the insurer to respond to ESG demand in the country. In 2021, the FSC introduced measures to improve disclosure rules of companies in South Korea, including initiatives to promote ESG and responsible investments.
What are the key lines of business in the South Korea general insurance market?
The key lines of business in the South Korea general insurance market are property insurance, motor insurance, liability insurance, financial lines insurance, MAT insurance, non-life PA&H insurance, and miscellaneous insurance. Miscellaneous insurance has the highest share in the market followed by motor insurance and property insurance.
Motor insurance market in South Korea
Motor insurance in South Korea is competitive and characterized by low premiums and similar product features. New trends, including electronic vehicles and autonomous driving, are expected to support motor insurance.
Liability insurance market in South Korea
South Korean liability insurance is driven by compulsory insurance classes for both individuals and businesses, including various third-party liability and professional indemnity insurances. Price hardening across many lines after a persistent period of a soft market and deteriorating underwriting in many business classes accelerated the growth of the liability insurance market in South Korea.
Property insurance market in South Korea
Property insurance classes such as fire and liability insurance for special buildings and fire legal liability insurance are compulsory in the country. Product development considering ESG ramifications is a focus area for property insurers. Developments related to green projects will also aid in business growth.
South Korea General Insurance Market Analysis by Lines of Business
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Which are the leading companies in the South Korea general insurance market?
The leading companies in the South Korea general insurance market are Samsung Fire, Hyundai Marine & Fire Insurance Co Ltd (South Korea), DB Insurance Co Ltd, KB Insurance Co Ltd, Meritz Fire and Marine Insurance Co Ltd, Hanwha General Insurance Co Ltd, NongHyup Property & Casualty Insurance Company, Seoul Guarantee Insurance Company, Heungkuk Fire and Marine Insurance Co Ltd, and Lotte Non-Life Insurance Co Ltd. Samsung Fire was the leading insurer in the South Korea general insurance market in 2020.
South Korea General Insurance Market Analysis by Companies
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Market Report Scope
| Market size (2021) | $96.71 trillion |
| CAGR (2020-2025) | >5% |
| Key lines of business | Property Insurance, Motor Insurance, Liability Insurance, Financial Lines Insurance, MAT Insurance, Non-Life PA&H Insurance, and Miscellaneous Insurance |
| Leading companies | Samsung Fire, Hyundai Marine & Fire Insurance Co Ltd (South Korea), DB Insurance Co Ltd, KB Insurance Co Ltd, Meritz Fire and Marine Insurance Co Ltd, Hanwha General Insurance Co Ltd, NongHyup Property & Casualty Insurance Company, Seoul Guarantee Insurance Company, Heungkuk Fire and Marine Insurance Co Ltd, and Lotte Non-Life Insurance Co Ltd |
Scope
This report provides a comprehensive analysis of the general insurance segment in South Korea –
- It provides historical values for the South Korean general insurance segment for the report’s review period and projected figures for the forecast period.
- It offers a detailed analysis of the key categories in the South Korean general insurance segment, and market forecasts to 2025.
- It profiles the top general 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 the South Korean general insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the South Korean general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The general insurance market size in South Korea was $96.71 trillion in 2021.
The general insurance market in South Korea is expected to grow at a CAGR of more than 5% from 2020 to 2025.
The key lines of business in the South Korea general insurance market are property insurance, motor insurance, liability insurance, financial lines insurance, MAT insurance, non-life PA&H insurance, and miscellaneous insurance.
The leading companies in the South Korea general insurance market are Samsung Fire, Hyundai Marine & Fire Insurance Co Ltd (South Korea), DB Insurance Co Ltd, KB Insurance Co Ltd, Meritz Fire and Marine Insurance Co Ltd, Hanwha General Insurance Co Ltd, NongHyup Property & Casualty Insurance Company, Seoul Guarantee Insurance Company, Heungkuk Fire and Marine Insurance Co Ltd, and Lotte Non-Life Insurance Co Ltd.
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