Asia Guarantee and Credit Insurance Association Holds Non-Face-to-Face Inaugural General Meeting

Kim Sang-taek, President of Seoul Guarantee Insurance, Appointed as First Association Chairman

[Asia Economy Reporter Oh Hyung-gil] The Asia Guarantee and Credit Insurance Association (AGCIA) held its inaugural general meeting on the 25th and officially launched. Kim Sang-taek, President of Seoul Guarantee Insurance, was appointed as the first association president.

AGCIA is the first guarantee insurance company bloc community in Asia, consisting of nine member companies based in China, Indonesia, the Philippines, Vietnam, and Korea. It was established to support the economic development of each country by introducing the guarantee industry throughout Asia.

Following the founding general meeting in November last year, it received establishment approval from the Financial Services Commission in April. Seoul Guarantee Insurance took the role of the first board chairman, and President Kim was appointed as the first association president.

The AGCIA inaugural general meeting was originally planned as an in-person meeting but was switched to a non-face-to-face online format to prevent the resurgence of COVID-19. Starting with congratulatory remarks from Eun Sung-soo, Chairman of the Financial Services Commission, and Kim Yong-duk, Chairman of the General Insurance Association, representatives of each member company delivered greetings via video, and the business plan and budget for the next year were finalized.

Chairman Eun said, “Just as the guarantee insurance system played an important role in Korea’s economic development, it will make a significant contribution to the economic development of the Asian region.” Chairman Kim Yong-duk expressed, “I hope this will be an opportunity for the development of the Asian guarantee and credit insurance industry.”

AGCIA plans to establish its secretariat at the Seoul Guarantee Insurance headquarters and, through regular general meetings and various seminars, exchange with insurance and reinsurance companies located in various regions of Asia to lay the foundation for guarantee insurance in each region.

In his opening speech, Chairman Kim Sang-taek expressed his aspiration, saying, “We will share the role and know-how of guarantee insurance in Korea’s economic development process with AGCIA member companies to create a prosperous Asia together.”