Global insurance group Allianz is seeking to establish a new branch in South Korea specializing in corporate insurance, contrary to the trend of foreign financial institutions withdrawing from the market.
An official at the Financial Services Commission (FSC) told The Korea Times
that Allianz has applied for regulatory approval for a property insurance license. Approval is likely to be granted next year.
Allianz Global Corporate & Specialty (AGCS), a corporate insurance subsidiary of the group, is seeking entry into the market to offer marine, aviation and corporate business insurance. The group seeks to open a branch office and focus on the business side, unlike previous Allianz entries, which were separate corporate bodies.
In 2002, Allianz General Insurance Korea was established. It engaged in the non-life insurance business, but withdrew one year later, opting to focus on life insurance instead.
Allianz’s attempt to re-enter the Korean non-life insurance market is in contrast with the trend of financial firms leaving the country. Earlier this year, Allianz sold its life insurance business to Anbang Insurance Group of China. International banks Barclays and Goldman Sachs also left the Korean market.
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