On April 3 (local time), Korean Re held a cocktail reception near its local office in Bogotá, Colombia. The event commenced with opening remarks by Korean Re CEO Jong-Gyu Won, and was attended by more than 50 guests, including representatives from the local insurance industry and financial authorities. Mr. Won began his speech with a greeting in Spanish, underscoring Korean Re’s commitment to fostering cooperation between the insurance sectors of Korea and Latin America.

Since its establishment in February 2020, Korean Re’s Bogotá office has served as a strategic hub for operations across Latin America and the Caribbean. The recent reception was organized to further solidify Korean Re’s presence in the regional insurance market and to strengthen relationships with local partners.

As of 2023, the Latin American insurance market is valued at approximately USD 200 billion (KRW 285 trillion) and has recorded a growth rate exceeding 10% over the past five years. Despite this progress, insurance penetration remains relatively low. With continued expansion of the middle class and rising demand for digital insurance solutions, the region is widely regarded as having substantial growth potential.

Located at the heart of Latin America, Colombia offers convenient access to both the Latin American and Caribbean markets, making it a strategically important base for Korean Re’s operations. Building on the momentum of this event, Korean Re plans to actively pursue further expansion in the Latin American market and diversify its global portfolio.