- Количество слайдов: 11
4 Korean reinsurance/insurance market
4 ONSCREEN Contents I. Korean Reinsurance Market II. Korean Insurance Market
ONSCREEN 4 I. Korean Reinsurance Market
4 ONSCREEN Sub Contents 4 Korean Reinsurance Market 4 Relationship between Korean Re and Korean Insurance Companies
ONSCREEN 4 Korean Reinsurance Market 4 Korean Re: A- rating by S&P and A by AM Best 4 Samsung: A+ by S&P 4 Hyundai, Dongbu, LIG, Meritz: A- by S&P 4 Seoul Guaranty Insurance: A by S&P 4 Korean Re and Samsung takes inward reinsurance but others take some reinsurance related to Korean Interest Abroad. 4 Mainly Korean insurers buy reinsurance with reinsurers in Korea and reinsurers in Asia. For big capacity, Korean market use London market.
ONSCREEN 4 Relationship between Korean Re and Korean Insurance Companies 4 There was a gentleman ship agreement between Korean Re and Korean Insurance companies. 4 With split of Hyundai Group, LG Group, Ssangyong Group, the agreement does not exist any more. 4 Despite no more gentleman ship agreement, still Korean insurance companies use Korean Re as a leading reinsurer. 4 Engineering (CAR, EAR) reinsurance For Korean domestic engineering reinsurance, without exception, almost all Korean insurance companies use only Korean Re’s quote. (Lucky draw) 4 Korean Re supports almost all new insurance products that Korean insurance companies have difficulty in getting reinsurance support from int’l reinsurance market.
ONSCREEN 4 II. Korean Insurance Market
4 ONSCREEN Sub Contents 4 Korean insurance market summary 4 Insurance for market promotion tool
ONSCREEN 4 Korean Insurance Market Summary 4 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. 4 Guaranty Insurance Company Only Seoul Guaranty insurance company can do guaranty insurance business. It is the 4 th largest guaranty insurance company in the world.
ONSCREEN 4 Korean Insurance Market Summary 4 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 Arating reinsurer is a tender rule.
ONSCREEN 4 Insurance for market promotion tool 4 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. 4 Hospital expense by Mobile Phone Company If any hospitalization expenses, the mobile phone company pays the hospitalization expense to the subscriber up to USD 30 Mi. 4 Emergency service for car driver Tire change, gas supply, battery change, door unlock, etc 1