Dongbu Insurance Co., Ltd. · Seoul South Korea ·(Korea: 005830)
Company Description
Phone: +82-2-3011-3143
Fax: +82-2-3011-3159
View Dongbu Insurance Co., Ltd. Locations On A US Map
This link will open in a new window
This link will open in a new window Among South Korea's largest non-life insurers, Dongbu Insurance sells an array of property/casualty insurance products. The Dongbu Group-affiliated company's personal coverage includes homeowners, auto, accident and supplemental health coverage, and even a bit of life insurance and annuities. Its commercial products include fire, marine, and general casualty (product and professional liability, technology, and workmen's compensation). Founded as Korea Automobile Insurance in 1962 (it changed its name in 1995), the company boasts 50 branches and a workforce of more than 3,800 employees. Dongbu has expanded outside of Korea with offices in Guam, Hawaii, and Beijing. To read the full description, subscribe now.
Call Now at 866-464-3202 or Click here for a Free Hoover's Trial!
Key Dongbu Insurance Co., Ltd. Financials
| Company Type | Public - Korea: 005830 Headquarters |
| Fiscal Year-End | March |
| Annual Sales (mil.) | $5,578,682.0 |
| Employees | 2,332 |
Dongbu Insurance Co., Ltd. Executives
11 executives listed for Dongbu Insurance Co., Ltd.'s Seoul, location.
| Title | Name & Bio | Contact |
| President and CEO | Kim Soon-Hwan | Network |
| SVP, Management Support, and CFO | Park Yun-Sik | Network |
| SEVP, Personal Lines | Kim Byung-Tae | Network |
Competition
Competitive Landscape for Dongbu Insurance Co., Ltd.
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Dongbu Insurance Co., Ltd. Competitors
Call Now at 866-464-3202 or Click here for a Free Hoover's Trial!