Hyundai Marine & Fire Insurance Establishes Guangdong Branch of Chinese Subsidiary... "Accelerating Local Business Expansion"

Partnering with Chinese Companies to Launch Full-Scale Localization Strategy
Appointing Chinese Insurtech Expert Jiang Xinwei as Inaugural CEO

[Asia Economy Reporter Ki Ha-young] Hyundai Marine & Fire Insurance announced on the 14th that its Chinese subsidiary, Hyundai Property Insurance, will establish a branch in Guangdong Province to expand its local business in China.

To expand its business in China through localization, Hyundai Property Insurance launched a joint venture last April in partnership with Legend Holdings, a leading Chinese IT company, and Didi Chuxing, the number one car-sharing company. Subsequently, last month, it received preliminary approval from the China Banking and Insurance Regulatory Commission (CBIRC) for the establishment of the Guangdong branch.

Guangdong Province ranked first in China last year in terms of Gross Domestic Product (GDP: 10.8 trillion yuan, approximately 1851 trillion KRW) and the size of the non-life insurance market (117.8 billion yuan, approximately 20 trillion KRW). It is also a key business hub for Didi Chuxing, which has 45 million customers and 2.4 million drivers in this region alone.

Hyundai Property Insurance plans to strengthen its insurtech competitiveness by utilizing Legend Holdings' IT technology and Didi Chuxing's shared economy big data, making Guangdong the core region and starting point of its China localization strategy to commence full-scale business activities.

Additionally, to facilitate chemical synergy with major Chinese shareholders and smooth local business operations, Hyundai Property Insurance recruited Mr. Jiang Xinwei, an insurtech expert who previously led the online business division at People's Insurance Company of China (PICC), the number one non-life insurer in China, as the inaugural CEO of the joint venture.

Maeng Gui-young, Executive Director and Head of Overseas Business at Hyundai Marine & Fire Insurance, stated, “By leveraging the resources and IT technologies of Chinese shareholders, we will provide differentiated insurance products and compensation services compared to existing insurers.” He added, “We plan to grow into a nationwide insurer by expanding sales and service networks through the establishment of additional branches in key economic regions.”

Meanwhile, this Guangdong branch will be the second branch of Hyundai Property Insurance following the existing Qingdao branch, and its establishment will be completed through final approval within six months from the date of preliminary approval, according to procedures.

This content was produced with the assistance of AI translation services.