Hyundai_Marine_&_Fire_Insurance

Hyundai Marine & Fire Insurance

Hyundai Marine & Fire Insurance

South Korean insurance company

Hyundai Marine & Fire Insurance Co., Ltd. (Korean: 현대해상화재보험 주식회사; Hanja: 現代海上火災保險 株式會社; RR: Hyeondae Haesang Hwajae Boheom Jusik Hoesa) is an insurance company headquartered in Seoul, South Korea. It is one of the largest non-life insurers in South Korea alongside Samsung Fire & Marine, DB Insurance, and KB Insurance.[1]

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History

Hyundai Marine & Fire Insurance was established as Dongbang Marine Insurance in 1955. Hyundai Group acquired Dongbang in 1983 and changed its name to Hyundai Marine & Fire Insurance in 1985.[2] However, due to Hyundai's break up caused by a feud between the group founder Chung Ju-yung's sons, Hyundai Insurance was split from the original Group in 1999. Chung Mong-yoon, the founder's seventh son, took control of the company.[3][4]

Operations

Hyundai Insurance is one of the four domestic insurers that dominates the South Korean non-insurance market.[5] In the global market, Hyundai acquired a 25% interest in Vietinbank Insurance in 2018.[6] The company also formed a joint venture with DiDi Chuxing and Legend Holdings for China market in 2020.[7]

See also

References

  1. [1]
    "S. Korean non-life insurers' combined net profit falls 39.5 pct in 2019". Yonhap. Seoul. February 16, 2020.
  2. [2]
    Steers, Richard (1999). Made in Korea: Chung Ju Yung and the Rise of Hyundai. Psychology Press. p. 240. ISBN 978-0415920506.
  3. [3]
    Kwaak, Jeyup S. (February 5, 2014). "New 'Social Ills' Insurance to Cover Bullying, Abuse, Rape, Food Poisoning". Wall Street Journal. Seoul.
  4. [4]
    Seo, Jee-yeon (November 24, 2015). "Hyundai founder's grandsons coming to fore". The Korea Herald.
  5. [5]
    Coutaz, Gregory (December 4, 2018). Coping with Disaster Risk Management in Northeast Asia: Economic and Financial Preparedness in China, Taiwan, Japan and South Korea. Emerald Group Publishing. p. 120. ISBN 978-1-78743-094-5.
  6. [6]
    Lim, James (November 27, 2018). "Hyundai Marine & Fire Insurance to buy 25% stake in VietinBank Insurance". S&P Global.
  7. [7]
    Dai, Sarah (March 11, 2020). "Didi Chuxing's diversification gains momentum as it buys large stake in Hyundai Insurance China". South China Morning Post. Beijing.
  • Official website: Hyundai Marine & Fire Insurance
  • Official website: Hyundai Insurance USA
  • Business data for Hyundai Marine & Fire Insurance:
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