Insurance in South Korea: Market and IT Overview

by KyongSun Kong, November 19, 2014
Industry Trends
Asia-Pacific

Abstract

The South Korean insurance market has great potential to grow, but it is going through a difficult period due to the recession and other factors such as the ban on telemarketing sales.

In the report Insurance in South Korea: Market and IT Overview, Celent looks at insurance business trends in South Korea and estimates spending on the nation’s insurance technology systems.

Celent estimates that IT spending in the South Korean insurance market will reach US$384 million in 2015, based on a compound annual growth rate of 3.0% from 2010 to 2015.

“South Korea’s economy has yet to find its way out of recession,” says KyongSun Kong, an analyst with Celent’s Asian Financial Services group. “The insurance market, however, has great potential to grow in the middle term, so insurers should seek ways to capitalize on future growth.”

This report concludes with recommendations for financial institutions and vendors that are considering expanding their business in the South Korean insurance market.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

South Korean Economy

2

Market Overview

3

Life Insurance Business

5

 

Market Size

5

 

Market Concentration

5

 

Lines of Business

6

 

Distribution Channels

7

P&C Insurance Business

9

 

Market Size

9

 

Market Concentration

9

 

Lines of Business

10

 

Distribution Channels

11

Regulatory Updates

13

IT Trends

14

Conclusion

17

 

For Insurers

17

 

For Vendors

17

Leveraging Celent’s Expertise

18

 

Support for Financial Institutions

18

 

Support for Vendors

18

Related Celent Research

19

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