60th Anniversary Celebration

General Insurance Association of Korea renews determination to beat challenges

The General Insurance Association of Korea celebrated its 60th anniversary in a ceremony on Aug.1 by announcing its new emblem and the corporate insignia and presenting citations to officers of member firms for their contributions to the growth of the industry.
The association's chairman Ahn Kong-hyuk said the association has been with the entire development phases of its member firms since 1946 when it was established and its past experiences will be a valuable mirror to guide the industry's future development.
The association announced also that its English name no longer will be Korea Non-Life Insurance Association. Its new CI signify the association's emphasis on service to its customers and member firms and its new emblem celebrates its achievement in the past 60 years with member firms. The association presented citations to 15 employees of the member firms.
Chairman Ahn, in his speech at the ceremony, said he would like to thank, the most of all, employees of member firms,
insurance authorities and related organizations for the development of the non-life insurance industry in the past six decades.
He said he would like to make the ceremony a real valuable occasion to open a new future for the industry.
Looking back at the industry's past, it has arrived at where it is today after a log of ups and downs and because of our strong determination to be successful. When the association began its operation in 1946, it had only four member firms and its member firms now total 29. The insurance premiums have now been increased to 25 trillion won as of this year from 14 million won when the association was first formed. The annual premium now ranks the 11th in the world in size, a feat that could not have been achieved without the unity among insurance firms to turn crises around into opportunities for further development wisely overcoming the crises.
The association, the chairman said, has come up with a new CI and emblem to achieve a new jump in growth on the tradition and history the industry has made in the past 60 years.
The association has also published its 60 years of history in a book, which not only reviews the association's history,but also represents a record of the non-life industry's growth and to present its continuity as the history full of hope.
The new CI unveiled signifies the wishes of all non-life companies to secure safety and guarantee from risks with an emphasis on service to its customers and the industry's new jump.
The chairman, however, warned that the environment has changed a lot in recent months so that past experiences of the industry cannot be a guide to cope with it effectively. The competition has grown so hard and limitless over borders and industrial boundaries that it could called, "the financial industry's age of battles."The liberalization of financial industry, the integration of capital market, the Korea-U.S. FTA and globalization have been gaining speed, allowing free movement of capital,

the development of information technology and the removal of walls between the industries, speeding integration of industries.
Ahn called for creative ideas and mature management skills to find new growth engines, shedding what must be discarded and changing whatever that need to be changed to rearm ourselves with new determination and challenges beginning from this year, the 60th anniversary of our industry.
He said we ought to try to normalize the auto insurance sector as we have been trying. We have been trying our best to minimize the loss in the sector by reducing costs and preventing auto accidents. We have been particularly working hard to introduce foreign systems and upgrade public relations programs to create a transportation culture equivalent to those of advanced countries.
We will be able to normalize the auto insurance business when all these self-help efforts are effective and the conscience for traffic safety becomes a national campaign. nw

Chairman Ahn Kong-hyuk of General Insurance Association of Korea.

Chairman Ahn hands out awards to 15 employees of member firms during the anniversary ceremony.
(right) Chairman Ahn is in a photo session with award winners.