Samsung Fire & Marine to host global insurance conference this week

Samsung Fire & Marine Insurance CEO Lee Mun-hwa, center, poses during the Korea International Insurance Conference at Inspire Entertainment Resort in Incheon, June 5, 2024. Courtesy of Samsung Fire & Marine Insurance

Samsung Fire & Marine Insurance will host the Korea International Insurance Conference (KIIC) at Inspire Entertainment Resort in Incheon for two days starting Wednesday, the company said Monday.

Now in its second year, the KIIC will bring together industry leaders and experts from leading global reinsurers, brokerage firms and related organizations.

The conference aims to foster international exchange, deepen understanding of the insurance market and explore forward-looking strategies.

Under the theme "Evolving Risks, Agile Action," this year's event will be co-hosted and sponsored by Samsung Fire — Korea's largest non-life insurer — in collaboration with major domestic and international non-life insurers and their affiliated institutions.

At the conference, industry experts from top global insurers, including Aon and Munich Re, will share insights on navigating key uncertainties such as cyber threats and climate change risks in the non-life insurance sector. They will also discuss opportunities for new business development.

The KIIC has notably grown this year in terms of scale.

In 2024, when Samsung Fire hosted the international insurance conference for the first time among domestic players, about 500 participants from 88 companies representing 16 countries attended.

This year’s event is expected to attract roughly 900 participants from 150 companies across 23 countries.

Key figures from domestic insurers and brokerage firms are also set to attend, creating a platform for industry-wide networking and collaborative discussions on the future direction of Korea's insurance sector.

Over the past few years, the insurance sector has experienced heightened volatility driven by climate change, demographic shifts and technological advancements.

To address these challenges, Samsung Fire has been organizing this conference since last year to develop response strategies and identify new business opportunities in collaboration with domestic and international insurance experts.