Samsung Life gets go-ahead for Air China venture

Leading South Korean insurer Samsung Life Insurance said it won approval from regulators to set up its earlier proposed 50:50 insurance joint venture with Air China. The business will be run by Samsung and capitalized at 30bn South Korean won (US$282m). Suggesting China's travel insurance market had some growing to do, Reuters reported that insurance premiums currently accounted for 8.2% of GDP in Korea and only 2.6% of China's GDP.