The American property and casualty insurance company Star International Insurance Singapore (hereinafter Star Insurance) has entered the domestic market. Star Insurance is reported to sell property and casualty insurance for corporations.
According to the insurance industry on the 13th, the Financial Services Commission recently approved the main business license for Star Insurance's Seoul branch. Star Insurance received preliminary approval for its insurance business in February.
Star Insurance plans to sell property and casualty insurance targeting corporations both domestically and internationally. It is said that it will offer fire, marine, and liability insurance, among other products, to corporations. Star Insurance decided to enter the Korean market, noting the prevalence of commercial real estate.
Star Insurance is a subsidiary of the American insurance group Star Insurance Companies, which was founded in 1919. The chief executive officer of Star Companies is Maurice R. Greenberg, who served as chairman at American International Group (AIG) for 40 years. Paul Choi serves as the chief executive officer of the Seoul branch of Star Insurance and is known to be an insurance expert who worked for about 10 years at the British insurance broker Aon.
Last year, Factory Mutual Insurance Company, considered the largest property insurer in the world, received approval from the Financial Services Commission and started operations this year. Property insurance refers to products that cover the expense of recovering property and business losses companies incur due to natural disasters or fires. The insurance industry forecasts that as the size of the Korean insurance market has grown to the seventh largest in the world, foreign large insurance companies will continue to target the Korean market.