 |
| The entrance to Samsung Fire & Marine Insurance's office building in Seoul. Yonhap |
By Lee Min-hyung
Samsung Fire & Marine Insurance is set to launch a new form of insurance products specially designed for the urban air mobility (UAM) market.
The insurer said Monday it has clinched a partnership with two local UAM-related startups ― Moviation and UI Helijet ― to drive all parties' further expansion into the emerging growth area.
The Samsung affiliate will start developing the UAM insurance products by taking advantage of Mobiation's accumulated dataset on the industry. It remains unclear when the products will become available as the industry is still in its infant stages here.
"Countries around the world are aggressively expanding their investments and support for the activation of the UAM market," said Choi Jae-bong, vice president of the Samsung subsidiary. He added that Samsung Fire expects the latest partnerships to become a starting point for the company to gain an upper hand in the nascent market that comes with huge future growth potential.
The Korean government is also scheduled to launch a joint project with private UAM players here from August 2023, with an end goal of commercializing the UAM here by the end of 2025. The government is also set to introduce a bill regarding the industry for the first time in the second half of this year.
Under the partnership, the insurer will team up with the two local startups in areas such as joint service development targeting the aviation maintenance and insurance industry. Both sides also agreed to cooperate broadly by exchanging their ideas and knowhow when reviewing the validity of new business models.
![[RAS KOREA] Preserving memories at Cheongju City Archives](https://img.koreatimes.co.kr/upload/thumbnailV2/53ecc69c116c49af9ba0005288526ab5.jpg/dims/resize/178/optimize)
![[INTERVIEW] Long-awaited extension of Korean Pavilion at Venice Biennale to be pushed forward](https://img.koreatimes.co.kr/upload/thumbnailV2/d8d5090875824ce08a90bb2c5a8f8c05.jpg/dims/resize/178/optimize)
