South Korea General Insurance Market Size, Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

South Korea General Insurance Market Report Overview

The gross written premium of the South Korea general insurance market was KRW31.6 trillion ($27.8 billion) in 2022 and is expected to achieve a CAGR of more than 4% during 2023-2027. The South Korea general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the South Korean general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.

South Korea General Insurance Market Outlook, 2022-2027 (KRW Trillion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of South Korea’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

South Korea General Insurance Market Trends

Pet insurance and ESG concerns are the top trends impacting the South Korean GI market. Pet insurance in South Korea is on the rise in line with growing pet ownership. Prominent insurers such as Meritz Fire and Marine Insurance, Samsung Fire and Hyundai Marine, DB Insurance, and KB Insurance provide pet insurance products while startups such as Fitpet and Petfins provide online pet insurance.

Sustainability is a key issue in the insurance industry for its profitability. With the South Korean insurance industry being dominated by large conglomerates, ESG is expected to remain a trending topic over the coming years.

South Korea General Insurance Market Segmentation by Line of Business

The key lines of business in the South Korea general insurance market are property, motor, liability, financial lines, MAT, and miscellaneous. Motor had the highest market share in the South Korean general insurance market in 2022.

Motor insurance growth is expected to be mainly driven by electric vehicle (EV) sales, while developments in autonomous driving will gain further momentum. The government’s initiatives pertaining to zero-carbon emissions, tax credits, and direct purchase subsidies are enabling higher EV sales.

South Korea General Insurance Market Analysis by Lines of Business, 2022 (%)

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South Korea General Insurance Market Segmentation by Distribution Channel

The key distribution channels in the South Korean general insurance market are agencies, direct marketing, e-commerce, bancassurance, insurance brokers, and other distribution channels. Agencies represented the leading distribution channel for general insurance in 2022, followed by direct marketing and e-commerce. It is anticipated that agencies will remain the most prominent distribution channel over 2023–27.

South Korea General Insurance Market Analysis by Distribution Channel, 2022 (%)

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South Korea General Insurance Market - Competitive Landscape

Some of the leading insurers in South Korea are Samsung Fire & Marine, Hyundai Marine & Fire, DB Insurance, KB Insurance, and Seoul Guarantee, among others. Samsung Fire & Marine was the leading general insurer in 2021. Regulatory developments and support through the relaxation of the one-company-one-policy licensing rule in November 2022 are expected to intensify the competitive landscape over 2023–27. Other contributing factors are the deregulation of digital innovations and the permitting of companies to operate multiple life or non-life insurance businesses.

South Korea General Insurance Market Analysis, by Companies, 2021 (%)

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Segments Covered in the Report

South Korea General Insurance Market Lines of Business Outlook (Value, KRW Trillion, 2018-2027)

• Property
• Motor
• Liability
• Financial Lines
• MAT
• Miscellaneous

South Korea General Insurance Distribution Channel Outlook (Value, KRW Trillion, 2018-2027)

• Agencies
• Direct Marketing
• E-Commerce
• Bancassurance
• Insurance Brokers

Scope

This report provides:

• A comprehensive analysis of the general insurance segment in South Korea.
• Historical values for the South Korean general insurance segment for the report’s review period and projected figures for the forecast period.
• Profiles of the top general insurance companies in South Korea and outlines the key regulations affecting them.

Key Highlights

• Key insights and dynamics of the South Korean general insurance segment.
• A comprehensive overview of the South Korean economy, government initiatives, and investment opportunities.
• The South Korean insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• The South Korean general insurance industry’s market structure gives details of lines of business.
• The South Korean general reinsurance business’ market structure gives details of premium ceded along with cession rates.
• Distribution channels deployed by the South Korean general insurers.
• Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the South Korean general insurance segment.
• 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.