Samsung Fire & Marine Insurance held opening ceremony for its branch in SIP on July 17 to announce the entry of another international financial institution in SIP.

Samsung Fire & Marine Insurance, founded in 1952 as a subsidiary of Samsung Corporation, is the largest property insurance company in Korea, which claims over 30% of the domestic market. It established SFMI (China) Co., Ltd. in Shanghai in April 2005, and made 220 million RMB in business revenue and a net profit of 46.9948 million RMB in 2007. SFMI currently has branches in Beijing and Tianjin, and with the preliminary approval of China Insurance Supervisory Commission on April 15, 2008, SFMI stepped up preparations for the establishment of Suzhou Branch.

The host of Korean-invested enterprises in SIP promise a great demand for insurance. The setting up of Samsung Fire & Marine Insurance Branch in Suzhou will help to improve the local insurance market, while the preferential policies and excellent service in SIP will promote the development of international banking and insurance businesses in Suzhou. Financial tycoons like HSBC and Standard Chartered Bank have already made way into SIP.