Cigna to create digital non-life insurance company in South Korea
Cigna, the parent company of Lina Korea, plans to start a digital non-life insurance company in South Korea. The idea is to enter a new market using its competitiveness in the health sector.
Cigna plans to start the company through direct investment from the head office, as it did when starting the life insurance company. The digital non-life insurance company is expected to open in the first half of next year.
The new company will become the first foreign company in South Korea’s digital non-life insurance industry, led by subsidiaries of major insurers such as Hana and Hanwha. Kakao Pay’s digital non-life insurance subsidiary obtained preliminary approval earlier this month and is expected to debut in the second half of this year.
Cigna is a global healthcare services provider headquartered in the United States. More than 180 million customers worldwide use the company’s medical and health services provided by 1.7 million people. It entered the South Korean life insurance market in 1987. Lina Korea’s assets were $ 5,060.4 billion, and its net profit was 357.2 billion won at the end of 2020.