Non-life insurers set sights on global specialty market as new growth engine

Major Korean non-life insurers are stepping up their push into the global specialty insurance market for new growth opportunities as the domestic market matures, with KB Insurance becoming the latest to pursue a foothold at Lloyd’s of London, industry officials said Sunday. KB Insurance CEO Koo Bon-wook is expected to visit Lloyd’s next month, following board approval in March for the company to pursue an entry into the market. The visit will reportedly give Koo a chance to assess potential entry routes and business opportunities firsthand. The company is set to finalize its plans in the first half of next year. Lloyd’s is the world’s leading specialty insurance marketplace, bringing together syndicates, underwriters and brokers to take on risks that are too complex or high-value for conventional insurers to handle. Its market spans everything from aviation, cyber and professional indemnity to high-value assets such as fine art and jewelry, as well as risks arising from natural disasters, terrorism and war. For KB Insurance, the push overseas comes as growth in Korea’s non-lif