Hyundai Marine & Fire Insurance Marks 50 Years in Japan, Grows Written Premiums to 28.9 Billion Yen

[Financial News] Hyundai Marine & Fire Insurance has expanded its business in the Japanese market over the past 50 years, recording written premiums of 28.9 billion yen last year. The first Korean non-life insurer to enter Japan, Hyundai Marine & Fire Insurance is now the only Korean non-life insurer operating there. It has expanded its local business by increasing written premiums more than 13-fold over the past 20 years.
Hyundai Marine & Fire Insurance announced on the 1st that its Japan branch is marking its 50th anniversary this year.
The Japan branch posted net income of 840 million yen last year. Written premiums exceeded 10 billion yen in 2014, surpassed 15 billion yen in 2020, and rose to 28.9 billion yen last year. The branch is viewed as having strengthened its foundation in the Japanese market by securing profitability alongside business expansion.
Hyundai Marine & Fire Insurance's Japan branch opened in Tokyo in October 1976, making the company the first Korean non-life insurer to enter the Japanese market. It expanded its operations by establishing a business base in Osaka the following year. Initially, the branch built its customer base primarily among ethnic Koreans living in Japan. It later broadened its clientele to multinational companies and began targeting the wider local market.
The branch also diversified its product portfolio, focusing on general insurance. Starting with fire and liability insurance, it expanded into credit insurance and municipal citizen insurance. Rather than competing with large insurers, it targeted relatively less competitive niche markets and established a differentiated business platform.
It has also continued collaborating with global insurers. After signing a global account business agreement with FM Global in 2005, the branch entered into a business agreement with XL in 2009. These partnerships enabled it to expand sales to multinational companies operating in Japan and broaden its customer base.
The branch has also focused on localization. Most of its regular employees are locally hired, strengthening sales and services tailored to the needs of local customers. Its steady efforts to build relationships with customers and partners have also provided a foundation for business expansion in Japan's insurance market, where long-term business relationships are highly valued.
Hyundai Marine & Fire Insurance is using the 50th anniversary as an opportunity to secure new growth drivers. It plans to expand its team of specialists in product development and channel management. The company is also considering entering new insurance segments, including cyber insurance, in response to digital transformation and rising cyber risks in Japan.
The Japan branch held an event marking its 50th anniversary on Sept. 30 at Palace Hotel Tokyo, attended by major client companies, partner companies and other business partners. Chung Mong-yoon, chairman of Hyundai Marine & Fire Insurance, said, "The past 50 years of our Japan branch were possible thanks to the trust and support of our customers and partners." He added, "Building on our valuable relationships with customers, we will continue to provide reliable insurance services and grow together as a trusted partner in the Japanese market."

[email protected] Hong Ye-ji Reporter