| The non-life insurance sector in South Korea is | | | | high-end and larger car segments. Moreover, during |
| growing at a good pace, mainly driven by long term | | | | the forecast period (FY 2009 – FY 2012), |
| insurance and automobile insurance. As a result, the | | | | premiums are anticipated to grow at a CAGR of |
| share of non-life insurance surged from 30.33% in FY | | | | over 15% as the economic recession fades away. |
| 2007 to an estimated 33.23% in FY 2008. Moreover, | | | | Consequently, there will be an increase in car sales in |
| the sector is forecast to grow at a CAGR of over | | | | the latter years of forecast period. |
| 9% between FY 2009 and FY 2012 due to the | | | | To better gauge the future success of the non-life |
| perennial demand in private health insurance. | | | | insurance in the South Korean insurance market, our |
| We have found that long term insurance sector is | | | | report “South Korean Insurance Industry |
| steadily growing in South Korea, accounting for | | | | Forecast to 2012” provides results and analysis |
| around 50% of total direct premiums collected. The | | | | of various non-life insurance products like Fire |
| premiums are forecasted to grow at a CAGR of | | | | insurance, Marine insurance, guarantee insurance, |
| over 6% during FY 2009 to FY 2012. The on-going | | | | casualty insurance, automobile insurance, long term |
| demand for after-retirement protection-type | | | | insurance and private annuity insurance. |
| products as well as health insurance products, | | | | In addition to this, since deregulation in 1987 the |
| including accident and illness, and medical expense | | | | non-life insurance sector has seen many new |
| coverage products are expected to drive this | | | | entrants. However, the leading four - Samsung Fire |
| growth. | | | | & Marine, Hyundai Fire & Marine, Dongbu |
| Besides, premiums collected in automobile insurance | | | | Fire & Marine and LIG insurance - still dominate |
| increased at a CAGR of over 10% between FY 2005 | | | | the market, accounting for around 68% of all non-life |
| and FY 2008 as a result of increase in imported car | | | | insurance assets as of the end of 2008. |
| sales amidst the shift in automobile market to | | | | |