South Korea is in many ways the archetypal North Asian insurance sector. Life insurance has long played a central role in the economy and society as a conduit for organised savings. ...Recent results from the largest insurers confirm that they are benefiting from a number of factors. For instance, life insurance continues to be seen as an attractive opportunity relative to other savings and investments, given very low interest rates and the volatility of financial markets. Particular life insurers (and, indeed, non-life insurers) have had success in promoting long-term protection products. ...Motor vehicle insurers may benefit from slightly higher volumes than our Autos team had foreseen; however, the impact will likely be offset by slippage in prices. We forecast gross non-life premiums to reach KRW---,---bn in ----.
...We forecast for life premiums to rise by - in ---- to KRW---,---bn. The growth will be driven in part by the development and distribution of attractive products by the life insurers and in part by customers recognition of the attractions of life insurance relative to other conduits for organised savings (such as bank deposits, real estate or the stock exchange). ...We forecast for life premiums to rise by - in ---- to KRW---,---bn. The growth will be driven in part by the development and distribution of attractive products by the life insurers and in part by customers recognition of the attractions of life insurance relative to other conduits for organised savings (such as bank deposits, real estate or the stock exchange). For now, we anticipate that premiums will continue to grow by over - annually, through the forecast period and beyond. ...Life expectancy for men and women is around -- years and -- years respectively - and is anticipated to remain broadly unchanged for the remainder of the forecast period. Crucially, the overall population is ageing quite quickly.
...A small number of long-established and well-capitalised life insurers are competing on the basis of product design, brand, and multi-channel distribution strategies. ...A small number of long-established and well-capitalised life insurers are competing on the basis of product design, brand, and multi-channel distribution strategies. The leaders are helped by their close affiliations with other major financial institutions and the chaebol corporate groups that dominate South Korea s economy. ...
