South Korea Reinsurance Market Report by Type (Facultative Reinsurance, Treaty Reinsurance), Mode (Online, Offline), Distribution Channel (Direct Writing, Broker), Application (Property and Casualty Reinsurance, Life and Health Reinsurance), and Region 2024-2032

South Korea Reinsurance Market Report by Type (Facultative Reinsurance, Treaty Reinsurance), Mode (Online, Offline), Distribution Channel (Direct Writing, Broker), Application (Property and Casualty Reinsurance, Life and Health Reinsurance), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A21481
Buy Now

Market Overview:

South Korea reinsurance market size reached US$ 12.09 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.56 Billion by 2032, exhibiting a growth rate (CAGR) of 1.90% during 2024-2032. The market is being driven by mergers and acquisitions (M&As), partnerships and collaborations between key players, along with the growing awareness among individuals toward different investment portfolios.

Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 12.09 Billion
Market Forecast in 2032 US$ 14.56 Billion
Market Growth Rate (2024-2032) 1.90%


Reinsurance is a form of insurance arrangement wherein insurance companies offload a portion of their risks to other insurers known as reinsurers. It involves a reinsurer agreeing to shoulder some of the financial liabilities associated with claims arising from an insurance policy issued by the primary insurer. In exchange for this service, the primary insurer pays a premium to the reinsurer, allowing the former to diversify its risk across multiple insurers. This, in turn, plays a crucial role in enhancing the financial resilience of the primary insurer and mitigating the potential impact of significant losses. Reinsurance policies may vary in terms and conditions depending on the specific risks being transferred, tailoring the arrangement to meet the particular requirements of the primary insurer. Primary insurers leverage reinsurance not only to secure additional capital but also to expand their operations or safeguard against unforeseen losses. The reinsurance market involves the participation of reinsurance brokerages, insurers, and reinsurance brokers. The benefits of reinsurance encompass improved financial stability, heightened flexibility, and increased underwriting capacity.

South Korea Reinsurance Market Trends:

The South Korea reinsurance market plays a pivotal role in bolstering the financial resilience and risk management strategies of the country's insurance industry. In this arrangement, insurance companies, known as primary insurers, transfer a portion of their risks to reinsurers. Additionally, this practice enables primary insurers to mitigate potential losses by spreading risks across multiple entities, which is acting as another significant growth-inducing factor. Besides this, the South Korea reinsurance market offers insurers the flexibility to tailor terms and conditions based on the specific risks being transferred, enhancing the adaptability of risk management approaches. By participating in the reinsurance market, primary insurers in South Korea can secure additional capital, providing room for business expansion and a robust shield against unexpected losses. Furthermore, the collaborative efforts of reinsurance brokerages, insurers, and reinsurance brokers contribute to the overall stability and resilience of the South Korean insurance landscape, which is expected to fuel the regional market over the forecasted period.

South Korea Reinsurance Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2024-2032​. Our report has categorized the market based on type, mode, distribution channel, and application.

Type Insights:

South Korea Reinsurance Market

  • Facultative Reinsurance
  • Treaty Reinsurance
    • Proportional Reinsurance
    • Non-proportional Reinsurance
       

The report has provided a detailed breakup and analysis of the market based on the type. This includes facultative reinsurance and treaty reinsurance (proportional reinsurance and non-proportional reinsurance).

Mode Insights:

  • Online
  • Offline
     

A detailed breakup and analysis of the market based on mode have also been provided in the report. This includes online and offline.

Distribution Channel Insights:

  • Direct Writing
  • Broker
     

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes direct writing and broker.

Application Insights:

  • Property and Casualty Reinsurance 
  • Life and Health Reinsurance
    • Disease Insurance
    • Medical Insurance
       

A detailed breakup and analysis of the market based on applications have also been provided in the report. This includes property and casualty reinsurance and life and health reinsurance (disease insurance and medical insurance).

Regional Insights:

South Korea Reinsurance Market by Region

  • Seoul Capital Area
  • Yeongnam (Southeastern Region)
  • Honam (Southwestern Region)
  • Hoseo (Central Region)
  • Others
     

The report has also provided a comprehensive analysis of all the major regional markets, which include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

South Korea Reinsurance Market Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Type
  • Mode
  • Distribution Channel
  • Application
  • Region
Types Covered
  • Facultative Reinsurance
  • Treaty Reinsurance: Proportional Reinsurance, Non-proportional Reinsurance
Modes Covered Online, Offline
Distribution Channels Covered Direct Writing, Broker
Applications Covered
  • Property and Casualty Reinsurance
  • Life and Health Reinsurance: Disease Insurance, Medical Insurance
Regions Covered Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), Others
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

  • How has the South Korea reinsurance market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the South Korea reinsurance market?
  • What is the breakup of the South Korea reinsurance market on the basis of type?
  • What is the breakup of the South Korea reinsurance market on the basis of mode?
  • What is the breakup of the South Korea reinsurance market on the basis of distribution channel?
  • What is the breakup of the South Korea reinsurance market on the basis of application?
  • What are the various stages in the value chain of the South Korea reinsurance market?
  • What are the key driving factors and challenges in the South Korea reinsurance?
  • What is the structure of the South Korea reinsurance market and who are the key players?
  • What is the degree of competition in the South Korea reinsurance market?

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the South Korea reinsurance market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the South Korea reinsurance market.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the South Korea reinsurance industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
South Korea Reinsurance Market Report by Type (Facultative Reinsurance, Treaty Reinsurance), Mode (Online, Offline), Distribution Channel (Direct Writing, Broker), Application (Property and Casualty Reinsurance, Life and Health Reinsurance), and Region 2024-2032
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More