samsung life insurance korea
The life insurance sector in South Korea is growing at a rapid pace, driven mainly by long-term insurance and car insurance. As a result, the share of non-life insurance increased from 30.33% in fiscal 2007 to an estimated 33.23% in fiscal 2008. Moreover, the sector is forecast to grow at a CAGR of over 9% between FY 2009 and FY 2012 due to the perennial demand for private health insurance.
We found that the insurance sector long term is increasing in South Korea, which represents about 50% of total direct premiums collected. The premiums are forecast to grow at a CAGR of over 6% during FY 2009 to FY 2012. The demand is for post-retirement protection-type products, and health insurance products, including accidents and diseases, and products covering medical expenses are expected to drive this growth.
In addition, insurance premiums collected increased car CAGR of over 10% between FY 2005 and FY 2008 as a result of increased sales of imported cars in the middle change the automobile market in high-end segments of the larger car. Moreover, during the forecast period (FY 2009 – FY 2012), the premiums are projected to grow at a CAGR of over 15% as the recession fades away. Consequently there will be an increase in sales hire in the last years of the forecast period.
To better gauge the future success of non-life insurance market in South Korea, our report "South Korean Insurance Industry Forecast to 2012" provides results and analysis of various insurance products of life and fire insurance, marine insurance, guarantee insurance, accident insurance, automobile insurance, long term insurance and private annuities.
Besides that, since deregulation in 1987, the life insurance sector has seen many new entrants. However, the top four – Samsung Fire & Marine, Hyundai Fire & Marine, Dongbu Fire & Marine Insurance and LIG – still dominate the market, representing around 68% of all non-life insurance assets as of end 2008.
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Article Source: ArticlesBase.com – Non-Life Insurance Market Thriving in South Korea
