How Do I Choose the Best Fire Insurance Company?

Samsung Fire & Marine Insurance Company was one of the earliest insurance companies in Korea. It was acquired by the Samsung Group in February 1958 and became one of the Samsung Group companies. In October 1993, it was officially renamed "Samsung Fire & Marine Insurance Company". Samsung Fire & Marine Insurance is headquartered in Seoul, South Korea. With the approval of the Korean government, Samsung Fire & Marine Insurance Co., Ltd. obtained the first right to operate marine insurance business in China in August 1958. In June 1969, it was allowed to conduct reinsurance business directly with foreign reinsurance companies without going through domestic reinsurance companies. Reinsurance agreements were signed with 11 foreign insurance companies.

Samsung Fire & Marine Insurance Company

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Samsung Fire & Marine Insurance Company was one of the earliest insurance companies in Korea. It was acquired by the Samsung Group in February 1958 and became one of the Samsung Group companies. In October 1993, it was officially renamed "Samsung Fire & Marine Insurance Company". Samsung Fire & Marine Insurance is headquartered in Seoul, South Korea. With the approval of the Korean government, Samsung Fire & Marine Insurance Co., Ltd. obtained the first right to operate marine insurance business in China in August 1958. In June 1969, it was allowed to conduct reinsurance business directly with foreign reinsurance companies without going through domestic reinsurance companies. Reinsurance agreements were signed with 11 foreign insurance companies.

Chinese name

Samsung Fire & Marine Insurance Company

was founded in

1952

Formerly

Anguo fire & marine insurance co., Ltd.

Country

Korea

Samsung Property & Casualty Insurance (China) Co., Ltd., formerly known as Samsung Fire & Marine Insurance (China) Co., Ltd., is a wholly-owned property insurance company with legal personality established by South Korea's Samsung Fire & Marine Insurance Company in China. Affiliated to South Korea's Samsung Group. The parent company is South Korea's largest property insurance company, with a 60-year operating history. It has been rated by Standard & Poor's and AMBest and other institutions for A + (Stable) for many years. In 2011, it was promoted to AMBest highest rating A ++.

Relying on a solid business foundation in China, in April 2005, Samsung Property Insurance (China) Co., Ltd. obtained a business license of a corporate legal person. In August 2006, its first branch was set up in Beijing, and Shenzhen, Suzhou, Qingdao and Tianjin branches were set up in 2008, 2009 and 2011 respectively. Strive to become the insurance company with the most widely distributed sales network and the largest sales platform among foreign insurance companies. The company entered the auto insurance market in June 2010. In 2011, total premium income was USD 75.72 million, an increase of 26% over the previous year.

Relying on its strong capital and excellent operating results, the company has obtained the Standard & Poor's Financial Strength A rating from the United States for many consecutive years from 2008 to 11.

The company will continue to carry forward the Samsung spirit of "customer-centric, challenge the world, and create the future", better implement the localized operating principles, and strive to become the best insurance service company in China.

In order to build Samsung Property Insurance into an international first-class enterprise, Samsung Property Insurance adheres to the business philosophy of creating the best products and services based on talent and technology, and contributing to human society.

For this reason, all employees of Samsung Property Insurance should follow the core value system of talent first, highest direction, leading change, right management, and pursuing a win-win situation.

Moreover, we should abide by laws and ethics, give play to the role of enterprises, and fulfill the responsibilities that enterprises should bear. In view of this, we have formulated this operating principle, and all employees of Samsung Property Insurance should strictly abide by and actively practice it.

Abide by law and ethics

Respect the dignity and diversity of individuals Respect the basic human rights of all people No forced labor, exploitation of wages and child labor are allowed All customers, employees and other stakeholders must not be discriminated against by nationality, race, gender, religion, etc. Comply with laws and business rules for fair competition Comply with various national and regional regulations, respect the order of competition in the financial and insurance markets at home and abroad, and compete in a fair manner. It is strictly forbidden to obtain benefits through unfair means in violation of business rules. Ongoing During business activities, it is forbidden to accept valuable gifts and bribes, and to maintain accounting transparency through correct accounting records. In order to allow all stakeholders to understand business activities objectively, all transactions of the company should be accurately recorded and managed. Comply with relevant accounting rules and international accounting standards of various countries Disclosure of major business matters such as company financial changes and corporate information according to law Do not participate in politics and remain neutral Respect the right of individuals to participate in politics, but no political activities within the company Company funds and manpower Facilities for politically motivated activities not provide illegal donations

Maintain a clean organizational culture

In all business activities, public and private are clear. When the company's interests and personal interests conflict, the company's legitimate interests are given priority. You must not use company property and your own position to seek personal gain for individuals. Prohibition of misappropriation of public funds and other improper behaviors. The information obtained at the convenience of the job, such as stock trading, respects and protects the intellectual property rights of companies and individuals without prior permission, must not disclose intellectual property rights and confidential information within the company, respect the intellectual property rights of others, and must not be used, plagiarized, or released for no reason. Behaviors that constitute infringement When conducting business activities, it is forbidden to accept valuable gifts and bribes to build a healthy organizational atmosphere, all sexual harassment, money transactions, violence and other words and deeds that are harmful to the health of colleague relationships are prohibited. Undermine the harmonious gangs or organizations within the organization and build a co-existing and win-win labor-management relationship based on mutual trust and communication

Compliance with customers, shareholders, employees

Customer satisfaction is the top priority of business activities. Provide products and services that meet customer needs and expectations in a timely manner. Treat customers with a sincere heart and a kind attitude, and sincerely accept customer dissatisfaction and suggestions. Respect and protect customers' reputation and information pursuit. Management based on shareholder value Long-term benefits for shareholders through reasonable investment and improvement of operating efficiency Create stable income through stable operations and increase the market value of the company Respect shareholders' rights, reasonable requirements and suggestions to improve employees Work hard for the quality of life Provide equal opportunities for all employees, provide equal treatment based on abilities and performance Encourage employees to develop themselves and actively support employees to improve their business capabilities Build a self-disciplined and creative working environment

Value the environment, safety and health

Pursue green management Comply with international standards, laws, and internal rules and regulations related to environmental protection. Continually work to protect the environment in all business activities. International standards, relevant laws and internal regulations, etc. Comply with safety regulations, build a pleasant working environment and prevent safety accidents Strive to not provide products and services that endanger human health and safety

Fulfilling social responsibility of international companies

As a citizen of the society, faithfully perform its basic duties. As a member of the society, fulfill its responsibilities and obligations, and make every effort to improve the trust of the society in the company. Strive to build a stable employment system, and honestly fulfill the tax obligations. Respect the local Social and cultural characteristics and practice of coexistence management Respect the laws, cultures and values of each region, and work hard to improve the quality of life of people in each region Promote public health activities in various fields such as research, art, culture, sports, etc., and seek social health Development Actively participate in social charity activities such as volunteer activities and disaster relief and build a win-win relationship with cooperative companies The competitiveness of enterprises, pursue common development.

2011-09 Samsung Property Insurance (China) Co., Ltd. Tianjin Branch was established

2010-05 Changed company name to Samsung Property Insurance (China) Co., Ltd.

2009-01 Samsung Fire & Marine Insurance (China) Co., Ltd. Qingdao Branch was established

2008-08 Samsung Fire & Marine Insurance (China) Co., Ltd. Suzhou Branch was established

2008-01 Samsung Fire & Marine Insurance (China) Co., Ltd. Shenzhen Branch was established

2006-08 Samsung Fire & Marine Insurance (China) Co., Ltd. Beijing Company was established

2005-04 Samsung Fire & Marine Insurance (China) Co., Ltd. was established

2003-05 Established Qingdao Representative Office of Samsung Fire & Marine Insurance Company

2001-04 Samsung Fire & Marine Insurance Shanghai Branch was established

1994-04 Samsung Fire & Marine Insurance Company Beijing Representative Office was established

Samsung Fire & Marine Insurance Co., Ltd. has won the highest credit rating (AA) of the Korea Insurance Regulatory Agency for several years. In September 2000, it was rated "A" by the American authoritative professional credit rating agency AMBEST. December 2000 It has also been rated as "A" by Standard & Poor's, an authoritative professional credit rating agency in the United States, reflecting the advantages of strong funds and strong risk diversification capabilities of Samsung Fire & Marine Insurance in Korea.

On October 1, 2002, AM Best once again awarded the credit rating of Samsung Fire.

At the same time, in the S & P credit evaluation, Samsung Fire won A grade for 3 consecutive years. In the credit evaluation assessment conducted by Standard & Poor's in the United States, Samsung Fire achieved a rating in terms of financial integrity and credit.

On October 22, 2002, in the Asia Insurance Review issued in Singapore, it won the Grand Prix of the Property Insurance Company Division. This award was established in 1997 and is awarded to insurance companies entering the Asian market.

The main business scope of Samsung Fire and Marine Insurance Company is: fire insurance , marine insurance , aviation insurance , injury insurance , transportation insurance , liability insurance , automobile insurance , various other damage insurance , and reinsurance of various other types of insurance . Samsung Fire & Marine Insurance Co., Ltd. insists on providing customers with the best types of insurance and the fastest service. In order to meet the needs of modern life, the two types of insurance, "Annuity Comprehensive Insurance" and "Ten Million Drivers Insurance", cover the most common types of traffic accidents, and provide various car-related services, such as free trailers. service. This type of insurance has a low rate and a wide range of services, and it can be returned safely when it expires, becoming the company's most famous type of insurance. In addition to these projects, in order to meet the special needs of customers, "intermediary insurance", satellite launch insurance, "comprehensive business insurance", and "professional liability insurance" have been developed.

Samsung Fire & Marine Insurance's service system includes: personal annuity comprehensive services, which can provide loans to customers traveling overseas; motor vehicle comprehensive insurance, which provides emergency assistance, free regular inspections; high-tech services, including automatic paging and fax communications ; Financing services; Credit card services; Providing risk assessments; Claims procedures information services.

In terms of business, Samsung Fire & Marine Insurance has achieved early dominance in the Korean personal annuity insurance market. Its market share in the long-term savings insurance market has increased from 1.7% to 22%.

The headquarters of Samsung Fire & Marine Insurance Co., Ltd. has 13 departments, namely administrative support department, underwriting claims department, motor vehicle insurance department, insurance design department, Jiangbei headquarters, Jiangnan headquarters, Jiangyuan headquarters, Jiangxi headquarters, Jingren headquarters, Zhongqing headquarters, Hunan Headquarters, Daegu Headquarters, and Busan Headquarters.

Overseas, Samsung Fire & Marine Insurance has established branches in Europe, branches in the United States, and representative offices in Tokyo, Jakarta, London, New York, Beijing, and Ho Chi Minh City. It maintains close ties with world-renowned insurance companies and has cooperative relationships with 23 insurance companies in 17 countries, laying the foundation for becoming a world-renowned damage insurance company.

Samsung Fire & Marine Insurance attaches great importance to the close relationship with the Chinese people, especially the Chinese insurance industry. In 1990, Samsung Fire & Marine Insurance Company established a "Clashan SetthngAgent" relationship with the People's Insurance Company of China. After Korea and the People's Republic of China established formal diplomatic relations in 1992, political, economic, social, and cultural exchanges between the two countries have developed rapidly. Samsung Fire & Marine Insurance Company has welcomed a delegation led by the Deputy General Manager of the People's Insurance Company of China. Concerned about the issues and extensive exchanges, actively seeking cooperation plans, the two sides signed "supportandServiceA bamboo e-meni". In 1993, the two companies worked together to handle the claims for the infringement and provided good services to both customers. With the diversified trend of economic exchanges, insurance cooperation and exchanges between China and South Korea are particularly important. In April 1995, Samsung Fire & Marine Insurance Co., Ltd. set up a Beijing representative office and opened a representative office in Shanghai in 19%. It is actively committed to economic cooperation and development between China and South Korea.