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Motor insurance, often known as automotive insurance, is a contract that transfers to the insurer the risk of any losses incurred by the owner or driver of a vehicle due to injury or death to persons or damage to property because of an accident.
There are numerous distinct types of motor vehicle insurance, each with different legal underpinnings and risk types that they cover.
If the insured is found legally responsible for an accident that results in damage to another person’s property or harm to another person, liability insurance will cover those costs.
If the covered vehicle collides with another vehicle or object, collision insurance will cover the resulting damage; Comprehensive insurance covers damage to the insured vehicle brought on by a fire or other disaster.
The South Korea Motor Insurance market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
The value of the South Korean motor insurance industry reached approximately trillions of won, a rise from the year before.
South Korean market for motor insurance was controlled by the top four companies in the country at the time: Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, Dongbu Insurance, and KB Insurance.
The South Korean motor insurance market is divided into three categories: insurance product (private auto, business auto, commercial auto, and motorcycle insurance), insurance coverage (voluntary insurance and mandatory insurance), and distribution channel (Agents, Banks, Brokers, and Others).
The main participants in the South Korean motor insurance market, Due to the top 4 corporations controlling more than 50% of the market, it is considered to have consolidated.
The market is likely expanded throughout the projected period as a result of increased non-life insurance segment insurance penetration, among many other market-driving factors.
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