Allianz Seeks License to Sell Corporation Insurance in Korea

Allianz SE is hoping to get regulatory approval to establish another business in Korea that will specialise on selling corporate insurance.

According to an executive at the Financial Services Commission (FSC), the company had applied for licence to gain a property insurer’s license in Korea earlier this month.

The application is still under review and, given there would be no hitches, the insurer may be granted approval as early as next year.

One source said Allianz’s corporate insurance subsidiary group, called Allianz Global Corporate & Specialty (AGCS), has been tapping into the financial authorities in Korea since last year, and appointing lawyers that will look into the legal matters.

The company is likely to open a branch office in the country and focus on business-to- business operations, such as marine, aviation, and corporate business insurance.

Allianz is a German insurer based in Munich and established in 2006, providing alternative risk transfer, aviation, marine, energy, property and other risk consulting services. –