Non-life insurers set sights on global specialty market as new growth engine
Major Korean non-life insurers are stepping up their push into the global specialty insurance market for new growth opportunities as the domestic market matures, with KB Insurance becoming the latest to pursue a foothold at Lloyd’s of London, industry officials said Sunday. KB Insurance CEO Koo Bon-wook is expected to visit Lloyd’s next month, following board approval in March for the company to…
Major Korean non-life insurers are targeting the global specialty insurance market to drive new growth, with KB Insurance leading the charge as it prepares to enter Lloyd's of London, according to industry officials. The domestic market for non-life insurers in Korea is becoming increasingly mature, prompting the search for opportunities abroad.
KB Insurance's CEO, Koo Bon-wook, is expected to visit Lloyd's of London next month, following board approval in March to explore the market. The visit aims to allow Koo to examine potential entry points and business prospects firsthand. The company intends to finalize its plans during the first half of the coming year. Lloyd's of London is the world's leading specialty insurance marketplace, connecting syndicates, underwriters, and brokers to insure risks that conventional insurers find too complex or high-value.
The marketplace covers a wide range of niches, including aviation, cyber risk, professional indemnity, high-value assets like fine art and jewelry, as well as risks stemming from natural disasters, terrorism, and war. The move by KB Insurance aligns with broader growth strategies beyond Korea's non-life insurance sector.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
