尔城市报告(2.0).pptVIP

Let’s move on to the Korean Insurance Industry. First, we will look into the overall Korean market and then go over both Non-life insurance and Life insurance. * In Korea, there are a total of 20 non-life insurers 8 of which are foreign; 21 life insurers of which 10 are foreign. Besides Korean Re, there are 6 other branches/offices of foreign reinsurers operating here in Korea. The minimum capital requirement to establish insurance operations is KRW 30 Bil and composite insurers are not allowed. ? Composite(Combining non-Life with life) is prohibited. * The market premiums in 2009 totaled 120 trillion won up by 8.2%. Non-life increased by 15.5% while, life increased by 4.6%. Due to lagging effects from the worldwide mortgage crisis, market growth was sluggish. The forecast for 2010 is showing a similar growth trend at 8.3% to total 130 trillion won. Non life with 14.7% growth while life is forecast to expand by 4.8%. In terms of market penetration, Korea is high on the global rankings at 10.4% with a premium per capita of USD 1,890.3 * Examining the top 10 countries ranked by premium volume, Swiss Re Sigma has found that Korea ranked 10th overall, 8th in life and 12th in non-life. * The non-life market has continued to grow at a rate of two-digits for the past five years. This is mainly due to the rapid growth of the long-term lines. * Examining composition ratio by line, for the period of 2009, long-term motor represented 81.9% of the market. The Long-term line has grown at a very fast rate. It took up 41.1% of all premiums in 2003, and for FY2009, it has 55.3% of the total market. * For motor insurance, the premiums increased by 2.6% in 2009 and the loss ratio reached 75.9% due to sluggish growth in premiums and growing number of cars. * For motor insurance, the premiums increased by 2.6% in 2009 and the loss ratio reached 75.9% due to sluggish growth in premiums and growing number of cars. * For motor insurance, the premiums increased