November 23, 2024

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Samsung Fire & Marine Insurance CEO Lee Mun-hwa (center) poses for a picture during the Korea International Insurance Conference held at the Mohegan Inspire Resort in Yeongjongdo, Incheon, on Wednesday. (Samsung Fire & Marine Insurance)

Samsung Fire & Marine Insurance, the nation's leading non-life insurer, gathered insurance experts from inside and outside the country to share insights about the industry and Korea's insurance landscape at the Korea International Insurance Conference.

The inaugural event, held Tuesday and Wednesday at the Mohegan Inspire Resort in Yeongjongdo, Incheon, marked the first global insurance conference in Korea, according to the Samsung Group subsidiary.

"With the insurance industry facing greater volatility in recent years due to climate change, population decline and IT advancements, Samsung Fire & Marine Insurance organized the event to explore responses and new business opportunities with experts from around the world," the company stated Wednesday.

Standing Commissioner Lee Hyung-ju of the Financial Services Commission and Korea Insurance Research Institute President Ahn Chul-kyung delivered congratulatory remarks, commending the inauguration of the nation's first global conference and pledging governmental and affiliated agencies' support for the advancement of the domestic insurance industry.

During one part of the event, participants explored the application of artificial intelligence in the industry, with presentations from Professor Cho Sung-zoon of Seoul National University and researcher Son Jae-hee from KIRI discussing AI business opportunities and utilization challenges, respectively. Additionally, Munich Re's Chief Data Officer Fabian Winter elaborated on Munich Re's generative AI strategy.

Another session provided an overview of the local general insurance market, while others covered topics such as electric-based risk response and academic research, with representatives from various companies and academic institutions, including Verisk, Korean Re and Postech, sharing their insights.

The two-day event was attended by 500 people from 88 companies across 16 countries, facilitating networking among industry insiders and fostering a consensus on the development of the Korean insurance market.

In his opening remarks, Samsung Fire & Marine Insurance CEO Lee Mun-hwa said, "The Korean insurance market has grown to become the seventh largest in the world, but there has been a lack of exchange to address uncertainties compared to advanced insurance markets," adding, "With this conference as the start, we will strive to form a platform for the Korean market to pursue growth and development reflecting new trends."

By Choi Ji-won (jwc@heraldcorp.com)