Abstract
RNCOS' report "South Korean Insurance Industry Analysis (2007)"
provides extensive research and objective analysis of the growing insurance
industry, its product quality, and services in South Korea. This report helps
to analyze the leading-edge opportunities critical to the success of the
insurance industry in South Korea. Detailed data and analysis helps investors,
financial service providers, and global banking players to navigate through
the evolving insurance market in South Korea.
Key Findings
- Pension market and investment-linked products will drive the future market
of South Korea.
- With arrival of foreign insurers, customization of the insurance products
has become the new buzzword (like Pension Schemes).
- Health insurance market is showing a northward trend.
- "Assurance bank" has emerged as the new concept in the South Korean
insurance industry.
- Growth of direct channel (includes Internet, telemarketing, home shopping,
bank and direct contact with insurance agents is not taken under this) in
South Korean insurance sector.
Key Issues and Facts Analyzed
The research report also addresses the issues and facts that are critical to
business success:
- What are the marketing strategies of the players in the insurance industry?
- How is the growth in health insurance driving the insurance sector in
South Korea?
- What are the opportunities for the players in this industry and what are
the challenges to sustain the growth of insurance market in South Korea?
- What will be the prospective areas of investments in the insurance
industry in the near future?
- Which factors will lead to the growth of life and non-life insurance
sector in South Korea?
Key Products Analyzed
Key products of the insurance sector, like Life and Non-life Insurance, have
been analyzed prudently in the report supplemented with the facts like revenue
growth and market trends.
Key Players
This section provides an overview of some of the key players operating in this
industry in various sub-sectors, like in Life Insurance Sector - Samsung Life
Insurance Co. Ltd., Korea Life Insurance, Kyobo Life Insurance & KB Life are
the flag holders while in Non-life Insurance Sector - Samsung Fire & Marine
Insurance, Hyundai Marine & Fire Insurance Co. Ltd., Dongbu Insurance are the
leaders. In Reinsurance Sector - Korean Reinsurance Company is the key name.
Research Methodology Used
Information Sources
Information has been sourced from numerous sources like Books, Newspapers,
trade journals, and white papers, industry portals, government agencies, trade
associations, monitoring industry news and developments, and through access to
more than 3000 paid databases.
Analysis Methods
The analysis methods includes the following: Ratio Analysis, Historical Trend
Analysis, Linear Regression Analysis using software tools, Judgmental
Forecasting and Cause and Effect Analysis.
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