Hyundai Marine & Fire Insurance Co., Ltd. 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]
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
- List of largest insurance companies
- Han Moo-hyup
External links
- : Hyundai Marine & Fire Insurance
- : Hyundai Insurance USA
References
- S. Korean non-life insurers' combined net profit falls 39.5 pct in 2019 Yonhap, February 16, 2020^
- Richard Steers. Made in Korea: Chung Ju Yung and the Rise of Hyundai Psychology Press, 1999^
- Jeyup S. Kwaak. New 'Social Ills' Insurance to Cover Bullying, Abuse, Rape, Food Poisoning Wall Street Journal, February 5, 2014^
- Jee-yeon Seo. Hyundai founder's grandsons coming to fore The Korea Herald, November 24, 2015^
- Gregory Coutaz. Coping with Disaster Risk Management in Northeast Asia: Economic and Financial Preparedness in China, Taiwan, Japan and South Korea Emerald Group Publishing, December 4, 2018^
- James Lim. Hyundai Marine & Fire Insurance to buy 25% stake in VietinBank Insurance S&P Global, November 27, 2018^
- Sarah Dai. Didi Chuxing's diversification gains momentum as it buys large stake in Hyundai Insurance China South China Morning Post, March 11, 2020^