Korean Reinsurance Company (Korean Re), the Seoul-based reinsurer, has continued to accelerate its overseas expansion with the establishment of a branch in Shanghai.
The new office is the second location in China for Korean Re, which previously set up operations in Beijing in 1997.
The reinsurer explained that the new branch would be in charge of sales while the Beijing office would continue to lead management and market research.
“The branch in Shanghai will become an important foothold to consolidate Korean Re’s sales base in the Chinese market,” said Korean Re CEO Won Jong-gyu.
China is currently the largest insurance market in Asia and the second largest globally, accounting for 11.6% of global premium income in 2018 at $570 billion.
In total, Korean Re has 11 overseas in nine countries, including Malaysia, Japan, Singapore and Hong Kong in Asia.
Further abroad, the company has offices in London and Dubai, and recently set up another branch in Zurich.
Reports suggest that Korean Re may also be looking to open an office in Bogota, Colombia this year in a push to grow business in Central and South America.
