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Downsize - South Korean Insurance Industry Cutting on Solicitors

Insurance has become a need of the modern era and South Korean insurance industry has proved it just right. But the country is downsizing the number of insurance solicitors.

Delhi, India, January 27, 2008 --( South Korea, the East Asian country and the third largest Asian economy, saw its insurance industry touching astronomical heights after the 1998 Asian financial crisis. And now, the country’s insurance industry ranks at sixth to eighth position in the world in terms of insurance penetration rate (Gross Premium/GDP). Such was the extent of growth that during 2001-2005, growth percentages recorded by the insurance premium written by life and non-life insurance surpassed the life and non-life premium written globally, says “South Korean Insurance Industry Analysis (2007)”, a scrupulous research report by the leading market research company RNCOS. The report has evaluated the various market products, broadly classified into life and general (non-life) insurance.

Life insurance sector in South Korea, once considered a pool of opportunities, has now turned into a well established market but growth has still not reached the peak. But despite the growth in life insurance sector, the number of solicitors (the natural person who aids an insurance broker/agent in transacting insurance other than life and commercial lines) was reduced. The report has examined this to find out the cause of this move.

Insurance solicitors operating in general insurance sector of South Korea deviated from high growth path and reported a decline in number in 2005, says the RNCOS report. It has identified the reason responsible for this slump in the number in insurance solicitors.

The report has also detailed on what South Korea is doing to promote its insurance industry. In the quest to highlight its insurance industry on international stage, South Korea removed tariff barriers from the life and non-life insurance sectors in 2000 and 2002 respectively, thus opening the market for international players. Since then, foreign players have bolstered their presence in the market, giving tough competition to the domestic insurers.

“South Korean Insurance Industry Analysis (2007)” has systematically analyzed the insurance market of South Korea and gives an insight into life and non-life insurance sectors, whether in public or private ownership, together with their future outlook. It says that insurance industry chips in a major part to the South Korean economy and sales of insurance products supported its industries even during the national emergencies, including the foreign currency crisis in late 1990s.

About RNCOS:

RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.

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