The General Insurance Association of Korea and the Indonesian General Insurance Association Join Hands to Strengthen Exchange

The General Insurance Association announced on the 9th that it has signed a business agreement to strengthen exchange and cooperation with the Indonesian General Insurance Association.

The two associations agreed to go beyond their existing mutual exchanges and implement exchange projects and cooperative tasks to support the overseas expansion of member companies and promote the mutual growth of the insurance industries in both countries.

Logo of the General Insurance Association

Going forward, they agreed to mutually cooperate in ▲supporting expanded exchanges among member companies ▲sharing knowledge and strengthening joint research on the insurance industries and risk management of both countries ▲and expanding human exchanges.

Indonesian general insurers have a high interest in Korea's climate risk management. The two associations plan to promote the expansion of private exchanges between the two countries while sharing knowledge related to the Korean insurance industry.

The two associations previously signed a Memorandum of Understanding (MOU) for cooperation in business collaboration and information sharing in 2012 in Jakarta, Indonesia. Since then, they have maintained a continuous cooperative relationship in response to member companies' interest in entering the Indonesian market.

Among domestic general insurance companies, six have entered Indonesia: Samsung Fire & Marine Insurance, DB Insurance, Meritz Fire & Marine Insurance, KB Insurance, Hanwha General Insurance, and Seoul Guarantee Insurance.

Indonesia is regarded as a promising market due to its status as the world's fourth largest population, stable economic growth rate, and the promotion of mandatory automobile insurance.

Lee Byung-rae, Chairman of the General Insurance Association, said, "I hope that the cooperation between the two associations for future development will contribute to strengthening the global competitiveness of the domestic insurance industry, and that it will expand the foundation for Korean general insurers to utilize the market opportunities in Indonesia, which has high growth potential, thereby contributing to the development of the insurance industries of both countries."

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