Korean Re is keen on consolidating its presence in the Middle East. The company which now has a representative office in DIFC is studying the possible establishment of underwriting agency in Dubai.
This office will be designed to forge links with new insurers and provide new opportunities for growth in a dynamic region.
In its development plan entitled "Vision 2050", the reinsurer outlined the strategy devised to boost it to the top three largest reinsurers in the future.
To do so, it plans to increase its turnover outside its domestic market which accounts for 80% of premiums in 2014.
With the development of underwriting abroad, the Korean market will account for just 20% of the revenues by 2050. The group has recently been granted an “A” credit rating from S&P.