S Korea's Samsung Fire to advance into Chinese auto insurance market

11:07, January 06, 2010      

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South Korea's top non-life insurer Samsung Fire & Marine Insurance Co. is planning to tap the Chinese auto insurance market as early as the first half of 2010, local media reported Wednesday.

According to media reports, Samsung Fire has been conducting market research in China as it seeks launching official operations by June 2010.

Samsung Fire will be the first company in China's auto insurance sector, considering its competitor Hyundai Marine & Fire Insurance Co. is only operating a branch in Beijing that offers insurance packaged only with vehicles sold by its affiliate Hyundai Motor Co., media said.

The move comes as overseas business became more prioritized, with the Chinese market grasping the greatest degree of attention with respect to its size, the local media said.

Samsung Fire is aiming at standing among top 20 non-life insurers by 2012 and among top 10 by 2020, Chi Dae-sub, CEO of the company, was quoted as saying when he met with investors last year.

Source: Xinhua
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