HANNOVER RE EXPANDS IN SOUTH KOREA

German reinsurer Hannover Re has announced plans to establish a life and health reinsurance operation in South Korea’s capital Seoul. Hannover Re said that “with gross premium volume of around €56bn, Korea is the seventh-largest life insurance market in the world and offers enormous growth potential. Executive board member Wolf Becke, who is responsible for life and health reinsurance, said that “in view of the anticipated vigorous expansion of the Korean market we now want to be in a position to offer clients our services directly from a local base”. In February last year Hannover Re announced expansion plans in China. It said that over the following 10 years it was targeting a market share of between 15% and 20% in the life reinsurance sector.