Korean Reinsurance Co. (Korean Re) has set up a second site in China, in Shanghai, to add to its presence in the country which started with the opening of its Beijing office in 1997.
The opening came after it received approval from China’s banking and insurance authorities in December.
The new branch will be in charge of sales while the Beijing office will continue to lead the management and market research.
Korean Re is trying to increase its presence in the fast-growing Chinese market, which is now considered the largest in Asia. The total amount of insurance premium in the local market reached $570 billion in 2018, up 3.92 percent on-year. The figure accounted for 11.6 percent of the total premium earned by global reinsurance firms.
Global reinsurance companies, including Hannover Re, RGA and Gen Re, currently operate branches in Shanghai.