Page 17 - Insurance Times January 2024

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Portugal general insurance South Korea motor insur- registering a growth of 7.0% as com-
pared to the same period in the previ-
industry to surpass $9 bil- ance market to surpass ous year. In addition, according to the
lion by 2028 $19 billion by 2028 KAMA, car prices have also increased

The Portuguese general insurance in- The South Korean motor insurance in- by around 10% on average as com-
pared to the previous year, leading to
dustry is set to grow at a compound dustry is forecast to grow at a com- higher premiums and supporting the
annual growth rate (CAGR) of 6.9% pound annual growth rate (CAGR) of
4.6% from KRW20.5 trillion ($15.4 bil- growth of motor insurance.
from EUR6.6 billion ($6.7 billion) in
2023 to EUR9.2 billion ($9.7 billion) in lion) in 2023 to KRW25.7 trillion ($19.2 China general insurance
billion) in 2028, in terms of gross writ-
2028, in terms of gross written premi- ten premiums (GWP), according to industry to reach $361 bil-
ums (GWP), forecasts GlobalData, a
GlobalData, a leading data and lion by 2028
leading data and analytics company.
analytics company. The Chinese general insurance industry
The Portuguese general insurance in- The South Korean motor insurance
dustry is expected to register a consis- is set to grow at a compound annual
industry’s growth is expected to gradu- growth rate (CAGR) of 7.4% from
tent year-on-year growth of 6.4% in
ally pick up pace from 2024 and reach CNY1.6 trillion ($237.2 billion) in 2023
2023 and 2024. The growth will be the pre-pandemic growth rate in to CNY2.3 trillion ($361.0 billion) in
supported by the growing demand for 2027. 2028 in terms of gross written premi-
health insurance due to increased ums (GWP), forecasts GlobalData, a
awareness, rising motor vehicle sales, Anurag Baliarsingh , Insurance Analyst leading data and analytics company.
at GlobalData, comments: “The South
and increasing incidents of cyber-at- Korean motor insurance industry wit- The general insurance industry in China
tacks.
nessed a slower growth of 2.5% in is expected to grow by 7.7% in 2023
Sutirtha Dutta, Insurance Analyst at 2022, which is expected to increase and 6.9% in 2024, supported by an in-
GlobalData, comments: “The Portu- marginally to 3% in 2023. The slower crease in vehicle sales, investments in
guese general insurance industry de- growth was primarily driven by a semi- infrastructure projects, favourable
clined by 0.5 percentage points (pp) in conductor chip shortage and a subse- regulatory reforms, and a post-pan-
2022 and another 1.9pp in 2023 due quent rise in car prices, which led to demic rise in the demand of health in-
to weak business sentiment as a result lower vehicle sales.” surance.
of high inflation and a subsequent in- The vehicle sales, however, picked up Swetansha Chauhan, Insurance Ana-
crease in interest rates. The trend is pace in 2023 and are expected to con- lyst at GlobalData, comments: “After
expected to continue in 2024, and the tinue in 2024, supporting motor insur- experiencing a slowdown in 2020 and
general insurance industry is expected ance growth. According to the Korea 2021 due to COVID-19, China’s general
to grow from 2025, owing to a recov- Automobile and Mobility Association insurance industry revived in 2022 and
ery in the economy and a rise in (KAMA), vehicle sales stood at 1.34 grew by 8.7%, which has continued in
healthcare awareness.” million during January-November 2023, 2023.”

16 January 2024 The Insurance Times