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The Samsung Fire and Marine Insurance Co. Ltd. from the Republic of Korea (ROK) opened a subsidiary that began business Thursday in Shanghai, China's leading industrial and commercial center.
There are now 13 overseas-financed insurance companies in Shanghai.
Soo Chang Lee, President of the Samsung Fire and Marine Insurance Corporation, said for the time being, clients of the new subsidiary would be limited to ROK businesses in China.
On China's accession into the World Trade Organization (WTO), the subsidiary will gradually engage more with Chinese businesses in accordance with the degree of China's opening of the insurance market, said Soo Chang Lee.
Founded in 1952, Samsung Fire and Marine Insurance is a member of the Samsung Group and is the largest properties insurance company in the ROK. As of March 31 this year, the total assets of Samsung Fire and Marine Insurance amounted to US$7 billion.
Samsung Fire and Marine Insurance Co. Ltd. has been conducting cooperation and exchange with Chinese insurance organizations since the early 1990s.
In addition to financing some Chinese bankers from the People's Bank of China for advanced studies in the ROK, the ROK company has also set up a Sino-ROK insurance exchange center in cooperation with the Shanghai Finance and Economy University.
(Xinhua 04/27/2001)
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