Samsung Fire & Marine showcases Korea's insurance potential as lead sponsor of KIIC

Samsung Fire & Marine Insurance CEO Lee Mun-hwa / Courtesy of Samsung Fire & Marine Insurance

Samsung Fire & Marine Insurance (SFMI) CEO Lee Mun-hwa expressed hopes that the Korea International Insurance Conference (KIIC), held this week, will serve as a vital platform to strengthen collaboration between domestic and global non-life insurers and unlock the full potential of Korea's insurance industry.

As the lead sponsor of the event, SFMI is working closely with other key industry players to help establish KIIC as a shared, industry-led initiative — not a company-branded event, but a platform built by and for the insurance community in Korea and beyond.

Launched for the first time last year, KIIC drew significant attention from the global insurance industry. This year, it returned on a larger scale and with more structured programming.

The two-day conference, which began Wednesday at Inspire Entertainment Resort in Incheon, gathered around 900 professionals from 150 insurance and reinsurance companies across 23 countries, solidifying its status as a key international forum to discuss the present and future of the insurance sector.

In an interview with The Korea Times, Lee said the event is designed to help insurers collectively address pressing risks and position Korea as a dynamic and globally connected insurance market.

"Last year's inaugural KIIC provided a meaningful venue for global insurance leaders to share insights and draw attention to the Korean non-life insurance market," Lee said. "With strong support from industry institutions, we welcomed over 500 participants from 88 companies across 16 countries — far surpassing our expectations."

"Encouraged by that success, we expanded this year's conference to include 900 participants from 150 firms across 23 countries. This achievement was made possible through the joint efforts of financial authorities, institutional partners and our fellow sponsor companies."

Lee emphasized that the growth of KIIC reflects not just rising participation, but growing international interest in Korea's insurance market.

He also noted that for KIIC to evolve into a globally recognized conference, it must be supported and led by the broader industry — including a strong role from associations like the General Insurance Association of Korea.

"Most major international insurance conferences, such as the Singapore International Reinsurance Conference or the RIMS event, are led by industry associations or public bodies," Lee noted. "That collaborative model is what we're aiming for with KIIC."

This year's event reflects that spirit of partnership. The General Insurance Association of Korea helped engage local insurers and support operations, while the Korea Insurance Development Institute provided a market overview. Additionally, the Korea Insurance Institute and Korea Insurance Research Institute contributed to keynote addresses and session planning.

Lee reiterated that the success and sustainability of KIIC depend on it being shaped by collective leadership — not by any one company — and that it must serve as a neutral and inclusive platform for the industry.

Agile action

The theme of KIIC 2025 is "Evolving Risks, Agile Action."

Lee noted that today's insurance landscape is more unpredictable and complex than ever, shaped by issues such as climate change, emerging natural disasters and fast-developing cyber risks fueled by digitalization.

"As risks evolve rapidly, our industry must not only fulfill its core responsibilities, but also embrace innovation and transformation to ensure a sustainable future," he said. "That's what agile action is all about."

He explained that agile action is not just about speed, but also about strategic foresight and adaptability — the ability to anticipate risks, innovate solutions and make data-driven decisions that meet changing customer needs.

SFMI is strengthening its risk analysis capabilities, particularly in climate and cyber risk, and is also accelerating digital transformation by incorporating AI, big data and cloud technologies.

Lee also emphasized that insurance must go beyond crisis response to play a proactive role in shaping and securing the future — and that KIIC is a valuable opportunity to revisit that role.

"Through today's keynote sessions and discussions, we aim to explore these evolving challenges and share bold, innovative strategies for addressing them," he said. "I encourage everyone here to actively engage in building a more trusted, future-ready global insurance industry."

Collaborative structure and global aspirations

One of the key changes to this year's KIIC was a restructured program to enhance real business engagement. Based on feedback from last year, the first day was dedicated to business activities, including business-to-business meetings, to encourage deeper interaction among participants.

Sponsors were also given dedicated booth spaces to enable business networking and brand exposure without physical limitations.

"The number of international participants has grown significantly — from 500 last year to 900 this year," Lee said. "We'll continue working to increase global awareness of Korea's insurance sector through this platform."

He added that this year also marked the official launch of the KIIC sponsorship program, with 10 companies — including Korean Re and Hanwha General Insurance — participating as key supporters.

"We are grateful for the strong response to the sponsorship program. It's a crucial step in transitioning KIIC into a truly national and collaborative conference, not something centered around SFMI alone," Lee emphasized.

He underscored that KIIC's true purpose is not just knowledge exchange, but co-designing the future of the global insurance industry.

"The goal is to create a platform that not only helps us navigate today's challenges, but also inspires the long-term future of insurance. We hope that this year's conference elevates the visibility and global reputation of Korea's insurance industry, and that it becomes a launchpad for even deeper cooperation with international partners," Lee said. "Let us move forward together in shaping a new future for our industry."