Reinsurance in South Korea, Key Trends and Opportunities to 2016 by Timetric

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									Reinsurance in South Korea, Key
Trends and Opportunities to 2016
Market Intelligence Report

Reference code: IS0024MR

Published: September 2012


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1 Executive Summary

        The absence of any large natural disasters in South Korea meant no major losses were recorded in the
        insurance industry during the review period. The premium retained by insurers increased, resulting in high
        competition over reinsurance premium rates. As a result, the South Korean reinsurance segment did not
        register a steep growth in premium rates, especially when compared to other developed countries such as
        Japan and the US.
        Reinsurance segment to report significant growth over the forecast period
        The written premium of the South Korean reinsurance segment grew from KRW5 trillion (US$5.5 billion) in
        2007 to KRW7 trillion (US$6.3 billion) in 2011, after registering a CAGR of 8.8% during the review period.
        Growth in the segment can be attributed to the robust growth in the South Korean life, non-life and
        personal accident and health insurance segments.
        Insurance against natural disasters to drive reinsurance in South Korea

        The absence of any major catastrophes during the review period resulted in the South Korean reinsurance
        market softening. South Korea experienced its first loss in seven years in September 2010 as a result of
        catastrophic event in the form of Typhoon Kompasu. A recovering economy means South Korea's
        reinsurance segment is expected to record growth similar to that exp
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