[Edaily Reporter PARK JONG-HWA ] Hyundai MARINE & FIRE INSURANCE CO.,LTD’s Japan branch, the first South Korean non-life insurance company to enter the Japanese market, celebrated its 50th anniversary.

Hyundai MARINE & FIRE INSURANCE CO.,LTD held a ceremony to commemorate the 50th anniversary of its Japan branch at the Palace Hotel in Tokyo on the 30th of last month. At the event, Chairman Chung Mong-yoon of Hyundai MARINE & FIRE INSURANCE CO.,LTD stated, “The past 50 years of our Japan branch were made possible by the trust and support of our customers and partners,” adding, “Moving forward, we will continue to provide reliable insurance services based on our valuable relationships with customers and grow together as a trusted partner in the Japanese market.”

In 1976, Hyundai MARINE & FIRE INSURANCE CO.,LTD became the first South Korean property and casualty insurer to open a branch in Japan and enter the local insurance market. It remains the only South Korean property and casualty insurer currently operating in Japan.

Over the past 50 years, Hyundai MARINE & FIRE INSURANCE CO.,LTD has steadily strengthened its presence in the Japanese market. While its operations initially focused on Korean residents in Japan, the company has since expanded its portfolio to include insurance for multinational corporations, credit insurance, and civic insurance for local governments. In particular, the company’s decision to continue accepting claims and processing insurance payments without scaling back operations during the 2011 Great East Japan Earthquake served as a catalyst for deepening trust in Hyundai MARINE & FIRE INSURANCE CO.,LTD in Japan.

Thanks to these efforts, Hyundai MARINE & FIRE INSURANCE CO.,LTD’s Japan branch achieved premium income of 28.9 billion yen (approximately 274.6 billion won) and a net income of 840 million yen (approximately 8 billion won) last year. The branch plans to build on this success by continuing to identify future growth opportunities, such as cyber insurance.

A Hyundai MARINE & FIRE INSURANCE CO.,LTD official stated, “We plan to continue our growth in the Japanese market by further localizing our operations and strengthening our competitiveness.”