Allianz Trade has announced the appointment of Wongi Kim (pictured) as its new country manager for South Korea, effective April 1.
Kim will take over from Andy Ryoo, who is retiring after serving over two decades with the credit insurance company.
Edmond Lee, CEO for Allianz Trade in Hong Kong, Taiwan, and South Korea, acknowledged Ryoo’s long tenure.
“I wish to congratulate Andy on reaching another career milestone and to thank him wholeheartedly for his contributions and achievements over the past two decades. He has been a rock for our South Korean business; we would not be where we are today without his dedication and commitment,” he said.
Kim brings experience from both within Allianz Trade and the broader South Korean insurance sector.
Since joining the firm in 2015 as business development manager, he has held progressively senior roles, most recently serving as commercial manager from 2023. In that role, Kim was responsible for leading sales and account management functions. Prior to joining Allianz Trade, he spent more than eight years at Seoul Guarantee Insurance Company. He holds a bachelor’s degree in economics from Dongguk University.
The leadership change coincides with a broader trend of rising business insolvencies across the Asia-Pacific region. According to Allianz Trade’s 2025 Global Insolvency Report, global insolvency cases are projected to rise by 6% in 2025 and 3% in 2026. If realised, this would mark five consecutive years of rising corporate failures globally, driven in part by tighter financial conditions and economic uncertainty.
South Korea is among the Asia-Pacific economies experiencing rising insolvencies, with a 17% increase recorded in 2024. The construction, wholesale, and services sectors reported the highest failure rates. Allianz Trade expects the trend to continue into 2025, albeit at a slower pace of 3%, as subdued export demand and financing challenges weigh on businesses.
“With Wongi’s wealth of product knowledge and proven track record, I have every confidence that he will further strengthen our presence not just in the local market but in the region, and to foster stronger and enduring relationships with our customers and business partners,” Lee said.
Kim said he looks forward to continuing the company’s strategy and maintaining focus on client relationships.
“I am honoured to take on this new role and continue the legacy of excellence that Andy has built over the years. Having worked closely with the team as commercial manager, I look forward to further strengthening our position in the market, delivering value to our clients, and deepening our relationships with partners. Together, we will drive continued success and growth for Allianz Trade in South Korea,” he said.
