Creation of two new insurance companies and one reinsurer
Pyongyang (North Korea) established three new insurance and reinsurance companies between 2016 and 2017, according to a report published by the Korea Institute of Finance in Seoul. They are: Pukguksong Insurance Company, Samhae Insurance Company and Mirae Reinsurance Company which operate in the non life class of business. The objective of this move is to attract foreign capital.
The North Korean market was previously monopolized by the State-owned Chosun Minjok Insurance General Company and by Korea National Insurance Corporation. The latter which operated from London saw her assets frozen in 2017 by the United Nations.
Mirae Reinsurance is the first and only reinsurance company to operate in North Korea. It targets the national and international market.
Pukguksong Insurance Company underwrites risks related to fire, technology and agriculture. Samhae Insurance specializes in marine risks.
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