AXA denies rumours of exit in South Korea

The firm is the only foreign insurer in the auto insurance market of South Korea. 

AXA General Insurance Korea CEO Guillaume Mirabaud denied that the company is leaving the South Korean market, a report by BusinessKorea said.

The French insurance company entered the market in 2001. Rumours of its exit from the market repeatedly surfaced every now and then.

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“The top four in the market are continuing to expand, and this lopsidedness is far from desirable. Although the South Korean government is trying to attract more capital and investment from abroad, many things still need to be improved in terms of infrastructure and policy,” Mirabaud said.

AXA is the only foreign insurer in the auto insurance market of South Korea.