Economic Performance Of Reinsurance in South Korea

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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 Read The Complete Report On : http://www.bigmarketresearch.com/reinsurance-insouth-korea-key-trends-and-opportunities-to-2018-market
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.
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Economic Performance Of Reinsurance in South Korea

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