South Korean Non-life Insurance is One of the Fastest-Growing Segments in the Asia-Pacific Region

Date: 2015-10-20

“• Motor insurance was the largest non-life category, accounting for 56.4% of the segment’s gross written premium in 2014. 

• According to the 2014 International Transport Forum Road Safety Report published by the Organization for Economic Cooperation and Development, the rate of road fatalities per registered vehicle in South Korea is nearly twice than that of the US. 

• The high cyber-crime rate in South Korea supported the emergence of professional liability insurance. Although such incidences create demand for professional liability cover, insurers in South Korea are cautious of underwriting such risks. 

• In November 2014, the FSC proposed to introduce a new class of compulsory insurance for facilities which are used by the general public and are more prone to disasters. 

• Agencies remained the dominant distribution channel in the South Korean non-life segment during the review period, accounting for 41.2% of the segment’s new business direct written premium in 2014.

• South Korean non-life insurance is one of the fastest-growing segments in the Asia-Pacific region. It is highly concentrated, with the 10 leading companies accounting for 95.2% of the segment’s total gross written premium in 2014. 

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