SGI hosts Asia Guarantee and Credit Insurance Association meeting

Finance

SGI hosts Asia Guarantee and Credit Insurance Association meeting

Published: 21 Oct. 2021, 19:23

Participants at the annual meeting of the Asia Guarantee and Credit Insurance Association held online on Thursday pose for a photo. Yoo Kwang-yeol, president of the Asia Guarantee and Credit Insurance Association, is shown at the top left. [SEOUL GUARANTEE INSURANCE]

Seoul Guarantee Insurance (SGI), the largest guarantee insurer in Korea, hosted an annual meeting of the Asia Guarantee and Credit Insurance Association online on Thursday.

During the meeting, membership of three companies — from Singapore, Malaysia and Mongolia — were approved.

The association was founded in 2020 to promote guarantee and credit insurance services in Asia. In January, SGI President Yoo Kwang-yeol was appointed president of the association.

On Thursday, 12 member companies from eight Asian countries — including China, Indonesia, Vietnam, the Philippines and Korea — participated.

“The association is a foundation to share information among guarantee insurers in Asia, helping the region capitalize on guarantee insurance for prosperity,” Yoo said in the meeting. “SGI will spare no effort to support the development of the association and its members.”

SGI said in a statement Thursday that it has been implementing a series of global expansion strategies to share its business know-how and promote guarantee insurance across Asia.

One of its efforts was to take initiative in founding the Asian association. Currently it chairs the executive committee of the association.

In 2014, it set up a branch in Hanoi, Vietnam to become the first foreign non-life insurer to operate in the country, SGI said. Most recently in June, it set up an office in Jakarta, Indonesia. The office will officially begin operations from November.

SGI is also preparing to enter the United Arab Emirates by setting up an insurance management company.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]