South Korea Insurance Market Driven by Traditional Distribution Channel: Ken Research

PITAMPURA, India - April 24, 2013 - PRLog -- New Delhi: 17/04/2013- The South Korean insurance market is one of the largest insurance industries in the world. In South Korea, the foreign insurers can also provide certain types of insurance which have been reserved for cross-border transactions under the International Business Law (IBL). The insurance company that does not hold a license in South Korea can enter a contract with the county resident directly by the means of mail, phone, fax or internet without using any agent, broker or employee of a local or foreign insurance company in South Korea. The various types of insurance which are reserved for cross-border transactions are life insurance, export cargo insurance, import cargo insurance, aviation insurance, travel insurance, hull insurance, long term casualty insurance and reinsurance.  

In South Korea insurance and reinsurance premiums are recognized as taxable income. Incline in contingency reserves and policy reserves are a deductible expense according to IBL. The country net taxable income is subject to ordinary corporate income tax rates such as 11% including surtax for a tax base of KRW200 million or less and 24.2% including surtax for a tax base exceeding KRW 200 million.

The insurance market in South Korea can be classified on the basis of life and non-life insurance. The life insurance is a contract between life insurer and the policyholder in which an insurer is bound to pay a defined sum of money upon the death of the insured person within a certain specified time period or on the maturity of life insurance policy. The non life insurance is also known as general insurance is used to provide coverage to business and individual from the financial loss resulting from certain events such as natural disaster, accident, fire, burglary, diseases and others.

According to the research report “South Korea Insurance Market Outlook to 2016 - Driven By Traditional Distribution Channel” by Ken Research, analysis the market is expected to grow at a CAGR of 6.8% from FY’2013-FY’2016. The growth will be influenced by an increase in the personal disposable income with an anticipated economic recovery.

“Improving government regulations, rising personal disposable income with an economy recovery and increasing demand of health insurance with ageing are expected to drive South Korea insurance market positively from FY’2013-FY’2016.” According to the Research Analyst, Ken Research

The report titled South Korea Insurance Market Outlook to 2016 - Driven By Traditional Distribution Channel provides a comprehensive analysis of market size of the Asia-Pacific insurance industry, market segmentation of Asia-Pacific insurance industry by geography. The report includes market size of the South Korea insurance industry, market segmentation of life and non-life South Korea insurance market and market size and segmentation of various non life segments. The report also provides value chain of South Korea insurance market, competitive landscape and profile of major players operating in the South Korean insurance industry.

For more information on the industry research report please refer to the below mentioned link:

http://www.kenresearch.com/banking-financial-services--in...