S Korean insurer Samsung eyes Chinese auto insurance mkt
Monday, Jun 21,2010, 2:33:12 PM Click:
SAMSUNG FIRE & MARINE INSURANCE CO. (KSE:000810), South Korea's No. 1 non-life insurer, said Monday it plans to make inroads into the Chinese auto insurance market with a tie-up with Chinese insurance firm HUATAI INSURANCE CO (SSE:601688). Samsung Fire & Marine Insurance said it plans to first sell auto insurance policies targeting Korean residents living in Shanghai and to expand its sales channels to other regions with a view to attract Chinese customers.
* Under China's current law, a foreign insurer is not allowed to sell liability insurance policy related to auto insurance.
* If Samsung Fire & Marine Insurance sells auto insurance policies, Huatai Insurance would deal with the liability sector.
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