Foreign non-life insurers' S. Korean market share gains in 2008

SEOUL, July 31 (Yonhap) -- Foreign non-life insurance companies saw their market
share in South Korea expand in fiscal 2008 due to their increased operations
here, the financial watchdog said Friday.

As of end-March, 17 foreign non-life insurers held a combined share of 3.6
percent in the US$30.4 billion local market, up from 3 percent a year earlier,
the Financial Supervisory Service said in a report.
The growth came as overseas insurers increased their presence with new operations
or acquisitions, the watchdog said. In fiscal 2008, three foreign insurers,
including German company ERGO Insurance Group, started businesses here.
Despite the increased market share, the combined net income of foreign non-life
insurers tumbled 31 percent on-year to 17.6 billion won ($14.3 million) in the
year ended March 31 as they suffered hefty operating losses.
Operating loss came in at 64.9 billion won in fiscal 2008, with total assets
reaching 1.96 trillion won as of end-March, the watchdog said.
pbr@yna.co.kr
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