Allianz Global Corporate & Specialty (AGCS) earned €40 million in total premiums through its Korea branch in 2017, equivalent to about 10% of its overall Asia business.
The result marks a good start for the new Seoul branch. Last June, AGCS became the first foreign non-life insurer in almost a decade to win a branch licence from the Financial Services Commission.
Driven by the growth of corporate and specialty insurance in the country, AGCS is targeting premium income of €100 million within five years of opening.
In particular, it is focusing on international insurance programmes for companies with multinational operations and global clients with interests in the country.
“We have seen an increase in demand for global insurance programmes as more South Korean firms look to expand overseas, as well as from the growing pool of global corporations with South Korean interests,” said Chang Tae Noh, chief executive of AGCS’s Korea branch. “Already, more than 11% of our global clients have operations in South Korea protected under our international insurance programmes.”
Noh said the branch has also seen strong interest in liability-based insurance products such as product recall and environment impairment liability.
AGCS estimates that the Asian non-life insurance market currently accounts for about 30% of global market premiums and AGCS expects this to grow approximately 5% each year.
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