Economic Performance Of Reinsurance in South Korea

Reinsurance in
South Korea,
Key Trends and
Opportunities to
2018

Summary
The report provides in-depth market analysis, information and insights into the South
Korean reinsurance segment, including:
• The South Korean reinsurance segment's growth prospects by reinsurance category
• Key drivers for the reinsurance segment
• South Korean reinsurance segment’s growth prospects by reinsurance ceded from
direct insurance
• The competitive landscape in the South Korean reinsurance segment
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Synopsis
• Reinsurance in South Korea is treated as a category of non-life insurance, and the
regulatory structure that applies to non-life insurance also applies to reinsurance.
However, the South Korean reinsurance segment’s gross written premium grew from
KRW13.8 trillion (US$10.8 billion) in 2009 to KRW15.8 trillion (US$14.4 billion) in
2013, at a review-period (2009-2013) CAGR of 3.4%. The absence of large-scale
natural disasters in South Korea meant the insurance industry did not record major
losses during the review period, encouraging direct insurers to retain the majority of
their gross written premium. As such, the South Korean reinsurance segment posted
slow growth during the review period.
• Although mandatory cessions in the country no longer exist, ceding insurers give
priority to domestic reinsurers due to a regulation in late 2013 prohibiting foreign
unlicensed reinsurers from operating. This led to increased dependence on domestic
reinsurer Korean Re, supplementing the segment’s growth during the review period.

Scope
This report provides a comprehensive analysis of the reinsurance segment in South
Korea:
• It provides historical values for South Korea’s reinsurance segment for the report’s
2009-2013 review period, and projected figures for the 2013-2018 forecast period.
• It offers a detailed analysis of the key categories in South Korea’s reinsurance
segment, along with market forecasts until 2018.
• It provides a detailed analysis of the reinsurance ceded from various direct insurance
segments in South Korean its growth prospects.

Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data
related to the South Korean reinsurance segment and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities
in the South Korean reinsurance segment
• Identify the growth opportunities and market dynamics in key product categories
• Gain insights into key regulations governing the South Korean insurance industry, and
their impact on companies and the industry's future
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Key highlights
• Reinsurance in South Korea is treated as a category of non-life insurance, and the
regulatory structure that applies to non-life insurance also applies to reinsurance.
• The absence of large-scale natural disasters in South Korea meant the insurance
industry did not record major losses during the review period, encouraging direct
insurers to retain the majority of their gross written premium.
• Although mandatory cessions in the country no longer exist, ceding insurers give
priority to domestic reinsurers due to a regulation in late 2013 prohibiting foreign
unlicensed reinsurers from operating

Table Of Content
1 Key Facts and Events
2 Executive Summary
3 Introduction
4 South Korean Insurance Industry Attractiveness
5 Reinsurance Growth Dynamics and Challenges
6 Key Industry Drivers
7 Competitive Landscape and Strategic Insights
8 Appendix – 1
9 Appendix - 2

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