South Korea’s Life Insurance Segment was the Third-largest in Asia after Japan and China in 2013

Date: 2015-10-20

“• South Korea is one of the world’s most developed economies, with the world’s 13th-largest economy in terms of GDP. 

• According to Timetric, South Korea’s life insurance segment was the third-largest in Asia after Japan and China in 2013, in terms of gross written premium. 

•The life segment is highly consolidated, with the 10 leading companies accounting for 81.5% of the segment’s gross written premium in 2014. 

• Over the forecast period, bancassurance is expected to continue to drive the growth of the South Korean insurance industry, as a large proportion of the country’s population gains access to formal banking services due to technological developments in financial services. 

• As the life segment moves towards saturation, factors such as decreasing domestic demand, the establishment of distribution networks and brand loyalty will present challenges to life insurers. 

• Due to the mature nature of the life insurance segment, life insurers primarily focused on technical collaborations to gain competitive advantages. The leading life insurer Samsung Life Insurance has entered into a strategic alliance with New York Life Investment Management LLC (NYLIM), a US-based investment manager, to expand its asset management skills.”

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