Korean Re has accomplished the institution of a department workplace in Shanghai as the corporate acquired remaining approval from the authorities of the Individuals’s Republic of China on Dec. 27, 2019.
The brand new workplace in Shanghai will likely be Korean Re’s second illustration in China, after its Beijing liaison workplace, which was launched in 1997. Whereas the workplace in Beijing has been targeted on market analysis and assist capabilities, the workplace in Shanghai would be the heart for actual enterprise actions within the nation, mentioned Korean Re in an announcement.
Korean Re’s Beijing workplace is “a part of its strategic initiative to strengthen [its] presence in China to capitalize on the nation’s quickly rising insurance coverage market,” the corporate mentioned.
“The Shanghai department will assist us construct a strong basis for stronger presence on this large market of China,” defined CEO Jong-Gyu Received.
Because the world’s second-largest insurance coverage market and the most important market within the Asia Pacific area, China has loads of alternatives for additional development, producing US$570 billion in gross written premiums in 2018, which was up 3.92% from 2017, accounting for 11.6% of the full international manufacturing.
Presently, Korean Re mentioned, reinsurers equivalent to Hannover Re, RGA and Gen Re in addition to many international insurers have native companies in Shanghai, China’s monetary hub. Korean Re mentioned this is the reason it expects that the Shanghai operation “will carry elevated entry to the nation’s huge pool of high quality contracts.”
Together with its presence in Shanghai, Korean Re can have 11 offshore representations across the globe: 4 branches, three authorized automobiles and 4 liaison workplaces.
“Going international” has been one of many key priorities for the corporate’s CEO since he took workplace in 2013. After the profitable launch of a authorized entity at Lloyd’s within the U.Okay. (2015), a department workplace in Labuan, Malaysia (2017), a department in Dubai (2018), a authorized entity in Zurich (2019), Korean Re is now getting ready to open a liaison workplace in Bogota, Columbia to increase into Latin America and the Caribbean area in 2020.
Supply: Korean Re
Need to keep updated?
Get the most recent insurance coverage information
despatched straight to your inbox.