Insurer’s corporate and specialty unit hails “unique opportunity” for Asian market growth in South Korea
Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s carrier for corporate and specialty insurance business, has launched a branch office in South Korea to further it Asian growth plans.
AGCS claimed its Seoul branch will target South Korean firms looking to expand internationally alongside serving global clients with interests in the country.
“A local South Korean branch presents a unique opportunity for AGCS and will play a key role in our Asian growth strategy,” said Carsten Scheffel, AGCS Board Member and Chief Regions and Markets Officer for Asia.
“The local office in Seoul will allow us to serve both local South Korean and global companies with South Korean interests much more efficiently.
“Already, more than 11% of our global clients have operations in South Korea protected under our international insurance programs.”
The opening of the South Korea branch means that AGCS now operates with its own teams in 31 countries globally, while the Asian business contributed 5% to AGCS overall global premium volume of EUR 7.6 billion in 2016.
In particular, AGCS will be targeting opportunities for growth in the corporate and specialty insurance segment in South Korea.
The country’s rising number of large infrastructure projects in railways, ports and subway lines, and a focus on environmental liability have all peaked AGCS interest.
Mark Mitchell, regional CEO for AGCS Asia, said: “We have seen an increase in demand for global insurance programs as more South Korean firms look to expand overseas as well as from the growing pool of global corporations with South Korean interests.”
Korean national Noh Chang Tae will assume the role of chief executive of AGCS South Korea.