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Korean reinsurance/insurance market

Korean reinsurance/insurance market. Contents. Korean Reinsurance Market Korean Insurance Market. I. Korean Reinsurance Market. Sub Contents. Korean Reinsurance Market Relationship between Korean Re and Korean Insurance Companies. Korean Reinsurance Market.

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Korean reinsurance/insurance market

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  1. Korean reinsurance/insurance market

  2. Contents • Korean Reinsurance Market • Korean Insurance Market

  3. I. Korean Reinsurance Market

  4. Sub Contents • Korean Reinsurance Market • Relationship between Korean Re and Korean Insurance Companies

  5. Korean Reinsurance Market • Korean Re: A- rating by S&P and A by AM Best • Samsung: A+ by S&P • Hyundai, Dongbu, LIG, Meritz: A- by S&P • Seoul Guaranty Insurance: A by S&P • Korean Re and Samsung takes inward reinsurance but others take some reinsurance related to Korean Interest Abroad. • Mainly Korean insurers buy reinsurance with reinsurers in Korea and reinsurers in Asia. For big capacity, Korean market use London market.

  6. Relationship between Korean Re and Korean Insurance Companies • There was a gentleman ship agreement between Korean Re and Korean Insurance companies. • With split of Hyundai Group, LG Group, Ssangyong Group, the agreement does not exist any more. • Despite no more gentleman ship agreement, still Korean insurance companies use Korean Re as a leading reinsurer. • Engineering (CAR, EAR) reinsurance For Korean domestic engineering reinsurance, without exception, almost all Korean insurance companies use only Korean Re’s quote. (Lucky draw) • Korean Re supports almost all new insurance products that Korean insurance companies have difficulty in getting reinsurance support from int’l reinsurance market.

  7. II. Korean Insurance Market

  8. Sub Contents • Korean insurance market summary • Insurance for market promotion tool

  9. Korean Insurance Market Summary • Life Insurance There are more than 20 life insurance companies. 3 major banks own their life insurance companies mainly for Bancassurance. 3 Major life insurance companies market share is approximately 60%. Major life insurance companies plan to open branch or set up JV in abroad. • Guaranty Insurance Company Only Seoul Guaranty insurance company can do guaranty insurance business. It is the 4th largest guaranty insurance company in the world.

  10. Korean Insurance Market Summary • Non-life insurance company There are 9 domestic and 4 foreign insurance companies. 4 majors market share is approximately 60%. There is a severe competition. Almost they get reinsurance support from int’l market for the tender. In general, 30% leading line by at least A- rating reinsurer is a tender rule.

  11. Insurance for market promotion tool • Over Redemption insurance by Car seller Own Car Damage due to car accident for one year, the car seller changes the car with new car. • Hospital expense by Mobile Phone Company If any hospitalization expenses, the mobile phone company pays the hospitalization expense to the subscriber up to USD30Mi. • Emergency service for car driver Tire change, gas supply, battery change, door unlock, etc 1

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