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]
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]
^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.
ISBN978-1-78743-094-5.