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
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