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The motor insurance industry in South Korea is expected to see robust growth over the next four years, according to a new report from the UK based research firm BRICdata.

According to South Korean law, all car users must purchase compulsory automobile liability insurance which provides insurance cover against physical injury or death caused to a third party in a road accident.

During the review period (2007-2011), the implementation of the mandatory motor insurance policy has been one of the main growth factors for South Korean motor insurance.

The South Korean government has passed several support schemes to encourage consumer spending and support the expansion of the country’s automobile industry during the review period.

The government’s support schemes include multiple tax benefits for consumers who buy new cars and trade in vehicle models bought prior to 1999 which drove the South Korean motor insurance category growth during the review period.

During the review period, the written premium value of the South Korean motor insurance category grew at a compound annual growth rate (CAGR) of 1.6% which was supported by the introduction of mandatory motor insurance policies and by the country’s rising number of passenger car sales.Over the forecast period (2012-2016), the South Korean motor insurance category is expected to grow at a rapid rate.

The rapid development of automobile sales is anticipated to fuel motor insurance growth over the forecast period.

The full report ‘Emerging Market and Investment Opportunities in South Korean Motor Insurance to 2016′ is available from BRICdata.

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India’s health insurance market is expected to see robust growth over the next four years, according to a new report from UK based research firm BRICdata.

The reports lists robust economic growth, changing demographic patterns such as the rise in double-income no kids families, increased FDI limits and the expansion of distribution channels as the factors that will support health insurance growth in the country.

The report found that of the overall healthcare expenditure in India, only 26% comes from the local, state and central government authorities, while nearly 71% is paid by the patient’s family.

Insurance accounts for just 3% of overall healthcare expenditure in India, indicating a substantial opportunity for the health insurance sector.

The health insurance market is dominated by public-sector companies, while the private sector has made gradual progress in the sector.

In 2011, the India’s health insurance market accounted for only 3.2% of the overall insurance industry.

The driving factors for the health insurance sector are rising healthcare expenditure, increasing disposable income and the rise in population with affluent lifestyles.

During the review period 2007-2011, the penetration of Indian health insurance products increased from 0.07% in 2007 to 0.19% in 2011, as many new policies were sold in rural India.

The top six private health insurance companies increased their cumulative market share from 17.2% to 29.1% during the review period.The report concludes that one of the key challenges for the health insurance market is the low coverage of plans in terms of both the diseases and the hospitals covered.

The full report ‘Business and Investment Opportunity in the Indian Health Insurance Industry: Analyses and Forecasts to 2016′ is available from BRICdata.

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