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Allianz readying to re-enter non-life market in Korea

Collected: 2016.11.18

Distributed: 2016.11.21

Source: Go Direct

Europe’s largest insurer Allianz SE is readying to re-enter the non-life insurance market in South Korea, 13 years after it exited from the market, where foreign presence has recently gotten bigger.

According to the Financial Services Commission (FSC) and the insurance industry Wednesday, the Germany-based insurer has filed for the FSC’s approval to open a branch for property insurance operation in Korea. It will mainly sell property and casualty insurance products to businesses, not retail customers.

The country’s commercial lines insurance market is considered the so-called blue ocean compared to long-term care insurance market that will likely remain depressed for a while in a record-long low interest rate environment. Currently, the commercial lines insurance products account less than 20 percent of the country’s non-life insurance market.

Its decision to return to Korea’s non-life insurance market also comes after it sold off its Korean life insurance unit - Allianz Life Insurance Korea Co. - to China’s Anbang Insurance Group in April.

Allianz is expected to get the greenlight for its plan to reopen non-life business in Korea without much trouble by early next year.

By Kim Tae-sung

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