THE INVESTOR

메뉴열기
March 29, 2024

Allianz reenters Korea after 14-year hiatus

PUBLISHED : June 29, 2017 - 16:59

UPDATED : June 29, 2017 - 17:03

  • 본문폰트 작게
  • 본문폰트 크게
  • 페이스북
  • sms

[THE INVESTOR] German insurance giant Allianz is reentering the Korean market after a 14-year hiatus, by launching a new Korean unit for non-life insurance solutions for businesses, it announced on June 29. 

The insurer has recently set up a local unit of Allianz Group Corporate and Specialty that handles diverse unexpected corporate risks such as reputation crisis and cyberattacks. 


Mark Mitchell, regional chief for Allianz Group Corporate and Specialty Asia



“We have seen an increase in demand for global insurance products as more Korean firms are expanding overseas and the number of global firms in Korea is growing,” Mark Mitchell, regional chief for AGCS Asia, said at a press meeting in Seoul.

Allianz entered the Korean market in 2002 but withdrew just one year later to focus on life insurance business. Its life insurance unit Allianz Life Insurance Korea was sold to China’s Anbang Insurance Group last year.

With the new branch, Allianz has become the first non-life insurance company in almost a decade to receive regulatory approval from Korea’s Financial Services Commission.

Mitchell said Asia accounted for only 5 percent of AGCS’s revenue at about 7.6 billion euros (US$8.60 billion) last year, but the portion could surge to some 30 percent in the coming years.

He added that Korea, in particular, has a potential to grow into a 4-5 billion euro market in the future, saying the nation’s rising number of large infrastructure projects such as railways, ports and subways would require more complicated insurance solutions, including strict feasibility studies.

Noh Chang-tae, an insurance veteran with 25 years experience who worked for AGCS’s Singapore, has been appointed as the first CEO.

By Park Ga-young (gypark@heraldcorp.com)

  • 페이스북
  • sms
최상단으로
COPYRIGHT HERALD CORPORATION. ALL RIGHTS RESERVED.