Korea Trade Insurance Corporation and KB Insurance to strengthen reinsurance cooperation in China

On the 20th, the Korea Trade Insurance Corporation (KTIC) and KB General Insurance (KB General Insurance) announced a business partnership to support Korean companies expanding overseas in expanding their global sales and managing risks at the KB General Insurance headquarters in Seoul.
The two companies signed a memorandum of understanding (MOU). Through this partnership, KB Insurance's Chinese subsidiary will provide insurance to Korean companies in China to cover the risk of uncollected accounts receivable held by their local subsidiaries.
The Korea Trade Insurance Corporation will take on the ultimate responsibility by providing reinsurance. The Korea Trade Insurance Corporation plans to jointly support local subsidiaries of Korean companies around the world in the future.
It is expected that the business competitiveness and risk management capabilities of local subsidiaries will be strengthened. In addition, it will enable companies expanding overseas to receive insurance services through domestic insurance companies at more convenient and competitive terms.
It is expected that this will contribute to expanding global sales by allowing the use of public export insurance.
"This is an exemplary case of the Korea Trade Insurance Corporation, a credit agency, working with private insurance companies to strengthen support for companies expanding overseas."