Non-life insurers set sights on global specialty market as new growth engine

Major Korean non-life insurers are expanding their focus to the global specialty insurance market as a new growth engine, as the domestic market becomes more mature, according to industry officials. KB Insurance, the latest company to explore this opportunity, is set to visit Lloyd’s of London next month after receiving board approval in March to enter the market.

Koo Bon-wook, CEO of KB Insurance, will visit Lloyd’s to evaluate potential entry routes and business opportunities firsthand. The company aims to finalize its plans in the first half of next year.

Lloyd’s of London is the world's leading specialty insurance marketplace, connecting syndicates, underwriters, and brokers to take on risks that are too complex or valuable for traditional insurers to handle. This market encompasses various areas, including aviation, cyber, professional indemnity, high-value assets such as fine art and jewelry, and risks associated with natural disasters, terrorism, and war.

For KB Insurance, the move overseas is driven by the need for new growth opportunities as Korea's non-life insurance market reaches a more mature stage.