Non-Life Insurance in South Korea
Summary
Non-Life Insurance in South Korea industry profile provides top-line qualitative and quantitative summary information including: market size (value 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Non-life insurance is defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event. The market value is measured by the written premium generated by market players within a given year.
- The South Korean non-life insurance market recorded written premiums of $25.0 billion in 2023, representing a compound annual growth rate (CAGR) of 2.2% between 2018 and 2023.
- The motor segment accounted for the market's largest proportion in 2023, with total written premiums of $15.4 billion, equivalent to 61.8% of the market's overall value.
- The South Korean non-life insurance market is experiencing significant growth, driven by rising awareness of the importance of insurance in safeguarding assets and mitigating financial risks. This heightened awareness has led to an increase in the number of active non-life insurance policies. According to the Insurance Statistics Information Service, in 2023, the number of active non-life insurance policies in South Korea reached 96.2 million, an increase of 1.5% from the previous year.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in South Korea
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in South Korea
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the South Korea non-life insurance market with five year forecasts
- What was the size of the South Korea non-life insurance market by value in 2023?
- What will be the size of the South Korea non-life insurance market in 2028?
- What factors are affecting the strength of competition in the South Korea non-life insurance market?
- How has the market performed over the last five years?
- What are the main segments that make up South Korea's non-life insurance market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market rivalry
- 1.6. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Who are the leading players?
- 7.2. What are the strengths and strategies of the leading players?
- 7.3. What are the challenges in the market?
- 8 Company Profiles
- 8.1. KB Financial Group Inc
- 8.2. Samsung Fire & Marine Insurance Co Ltd
- 8.3. Meritz Fire & Marine Insurance Co Ltd
- 8.4. Hyundai Marine & Fire Insurance Co Ltd
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: South Korea non-life insurance market value: $ billion, 2018-23
- Table 2: South Korea non-life insurance market category segmentation: % share, by value, 2018-23
- Table 3: South Korea non-life insurance market category segmentation: $ billion, 2018-23
- Table 4: South Korea non-life insurance market geography segmentation: $ billion, 2023
- Table 5: South Korea non-life insurance market value forecast: $ billion, 2023-28
- Table 6: KB Financial Group Inc: Key Facts
- Table 7: KB Financial Group Inc: Annual Financial Ratios
- Table 8: KB Financial Group Inc: Key Employees
- Table 9: Samsung Fire & Marine Insurance Co Ltd: Key Facts
- Table 10: Samsung Fire & Marine Insurance Co Ltd: Annual Financial Ratios
- Table 11: Samsung Fire & Marine Insurance Co Ltd: Key Employees
- Table 12: Meritz Fire & Marine Insurance Co Ltd: Key Facts
- Table 13: Meritz Fire & Marine Insurance Co Ltd: Key Employees
- Table 14: Hyundai Marine & Fire Insurance Co Ltd: Key Facts
- Table 15: Hyundai Marine & Fire Insurance Co Ltd: Annual Financial Ratios
- Table 16: Hyundai Marine & Fire Insurance Co Ltd: Key Employees
- Table 17: Hyundai Marine & Fire Insurance Co Ltd: Key Employees Continued
- Table 18: South Korea Size of Population (million), 2019-23
- Table 19: South Korea Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 20: South Korea GDP (Current Prices, $ Billion), 2019-23
- Table 21: South Korea Inflation, 2019-23
- Table 22: South Korea Consumer Price Index (Absolute), 2019-23
- Table 23: South Korea Exchange Rate, 2018-23
- List of Figures
- Figure 1: South Korea non-life insurance market value: $ billion, 2018-23
- Figure 2: South Korea non-life insurance market category segmentation: $ billion, 2018-23
- Figure 3: South Korea non-life insurance market geography segmentation: % share, by value, 2023
- Figure 4: South Korea non-life insurance market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the non-life insurance market in South Korea, 2023
- Figure 6: Drivers of buyer power in the non-life insurance market in South Korea, 2023
- Figure 7: Drivers of supplier power in the non-life insurance market in South Korea, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in South Korea, 2023
- Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in South Korea, 2023
- Figure 10: Drivers of degree of rivalry in the non-life insurance market in South Korea, 2023
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