SEOUL, KOREA - Samsung Fire & Marine Insurance will establish a marine insurance company in China jointly with local partners. According to financial regulators and insurance industry sources on June 30, the property and casualty insurer is currently in talks with three or four insurance companies in China for possible tie-ups. The joint venture will be a size of 100 billion won in capital, of which Samsung Fire will chip in about 15 billion won.

 

A financial regulator said, "It seems Samsung Fire is trying to find joint venture partners in China as it is not easy to do business alone. That way, it will be able to set foot and promote itself there more easily." To this, however, a Samsung Fire official responded, "Nothing is definite as of now."

 

Already, Samsung Fire & Marine has won the license from the Chinese insurance supervisory authorities in April last year and has since sold auto liability insurance policies to Chinese motorists, the first among Korean auto insurance firms.

 

Source : The Korea Economic Daily