South Korean financial firms, including Samsung Fire & Marine Insurance, Mirae Asset Financial Group, and Hyundai Marine & Fire Insurance Co, are reportedly in preliminary discussions regarding potential entry into India’s expansive $130 billion insurance market. This interest surfaces as India has opened its insurance sector to full foreign ownership, spurring a wave of cross-border deals in the financial landscape. Any resulting deals would mark a first for Korean insurance firms in the Indian market.
Representatives from the three Korean companies have engaged with Indian insurers, market advisers, and the Insurance Regulatory and Development Authority of India (IRDAI) to explore market entry strategies. These talks are in the early stages, with no formal proposals currently on the table. Hyundai Marine & Fire, South Korea’s second-largest non-life insurer, stated that while it is not immediately entering India and recently closed its liaison office there, it remains open to exploring market entry in the mid- to long-term. Samsung Fire & Marine Insurance, the non-life arm of Samsung, has similarly stated it has no official plans for Indian market entry.
Samsung Fire & Marine Insurance provides non-life insurance covers such as vehicle, property damage and liability insurance across Asia. Seoul-headquartered Hyundai Marine & Fire Insurance focuses on insurance for businesses as well as health and auto cover. Mirae Asset, which already has a mutual fund business in India, specialises in life insurance, variable annuity and retirement products in South Korea.
India’s insurance penetration remains relatively low, at about 3.7% of GDP in 2024. Reform efforts are underway with a new law giving the regulator powers to set commission limits. India currently has about 60 insurers, with global players like Prudential, Sun Life Financial and AIG operating through joint ventures with local firms. Other Korean firms like Samsung Re and Korean Re are also looking to expand their presence in India.
