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Tuesday, 20 October 2015

KorEconomics 101 (한국경제학개론), Part XXIV: Dongbu Insurance (formerly known as Dongbu Fire Insurance)


Dongbu Insurance (Hangul/Hanja/Romanization: 동부화재해상보험/東部火災海上保險/Dongbu Hwajae Haesang Boheom) is a Korea-based company engaged in the provision of non-life insurance services. The Company's non-life insurance products include fire insurance, marine insurance, automobile insurance, overseas casualty insurance, accident insurance, property insurance, saving insurance, long-term insurance, personal pension insurance and specialty insurance, among others. It also provides loan services. The headquarters of Dongbu Insurance is located at Dongbu Financial Center, 432 Tehran Avenue/Teheranno, Daechi-dong 891-10 beonji, Seoul Gangnam-gu.

Dongbu Insurance or formerly known as Hankook Automobile Insurance (한국자동차보험/韓國自動車保險/Hankook Jadongcha Boheom), which was launched as Korea’s first public auto insurance company in March 1962, became a member of Dongbu Group in 1983 and changed its name to Dongbu Insurance Co., Ltd in October 1995, emerging as a prominent comprehensive non-life insurer in Korea driven by its focus on customer satisfaction and sound financial status. 

Based on profit-oriented management, systematic loss ratio management, top-notch ROE and ROA, Dongbu Insurance has posted surpluses for 16 consecutive years to lay a solid foundation for sustainable growth and it is evolving further, fulfilling its social responsibilities as a corporate citizen.

Most recently, Dongbu set its sights on the United States, beginning with California because of its size and the large Korean immigrant community in the Golden State. In fact, Los Angeles is home to the largest number of ethnic Koreans outside of Korea.

Dongbu has developed a business model for overseas markets that focuses on profitable growth, with minimal initial investment and quick entry into new markets. Freed of the need to invest large amounts of time and capital in infrastructure, the company would be able to set up the new venture rapidly, then increase its investment as the business grew.