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Motor insurance news
15/03/2007
AXA entering Korean online car insurance market
AXA is expected to enter the Korean online car insurance market with the purchase of Kyobo Car Insurance.
The insurance giant is believed to be in the final steps of taking over the car insurance company, with the price estimated to be 100 billion won.
A spokesperson for Kyobo Life, the company which owns majority stakes in Kyobo Car Insurance, confirmed that there were talks going on between itself and AXA but did not give any details as to the expected completion date.
Providing 35% of online car insurance policies, Kyobo Car Insurance is the biggest web-based motor insurance company in Korea and, if the deal goes ahead, will also be the only foreign-owned web car insurance firm in the country.
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