source : 2009.07.22 Lloyd's (ボタンクリックで引用記事が開閉)
South Korea is the 4th largest economy in Asia (US$947bn GDP in 2008), with a strong insurance market ranking the 10th largest in the world. Direct GWP1 accounted for US$ 36bn in 2007 (a growth of 116% from 2002), which makes it closely comparable to the Chinese market (GWP of US$ 34bn in 2007).
Lloyd’s Trading Status
Offshore Reinsurance Business
Lloyd’s has a long history of writing cross-border reinsurance business from Korean (re)insurers, supporting them on large and complex risks. South Korea is Lloyd’s 22nd largest market (by premium income) and the key classes of business written by Lloyd’s underwriters are marine (35%), property (28%) and aviation (19%) of overall premium income.
Direct Insurance Business
We would like to draw attention to the fact that even though Lloyd’s is not licensed in South Korea, and therefore, generally speaking, Lloyd’s underwriters are not permitted to write direct insurance business from that territory, some exemptions apply to direct insurance, as specified below.
Exempt Insurance Classes
The following classes of business can be written by Lloyd’s underwriters on an offshore basis - ie as direct insurance rather than reinsurance - with no restrictions:
• MAT risks (Marine, Aviation and Transport): export cargo, import cargo, aviation, hull
• Niche classes: travel, life and long-term PA (personal accident)
• ‘Surplus Lines’ businesses: business declined by more than three domestic insurers
• Other insurances: insurance business where cover is not available in South Korea and contracts approved by the regulator (FSC2).
Coverholders and Service Companies - Not Permitted
As Lloyd’s is not licensed in South Korea, Lloyd’s underwriters are not permitted to write (re)insurance business through coverholders or service companies established in this country.