N. Korea launched 3 non-life insurance firms to attract foreign capital: report
- 5 years ago
North Korea appears to be trying to develop its insurance industry.
According to the Seoul-based Korea Institute of Finance, in 2016 and 2017, the North launched three new non-life insurers.
Before there had been only one for the whole country.
The new ones are Pukguksong Insurance, responsible for fire, technology and agriculture,... Samhae Insurance, handling ships and maritime cargo... and Mirae Reinsurance, the regime's first insurer for insurers.
The Korea Institute of Finance said the reason the regime moved away from the monopoly model was to attract foreign capital into its special economic zones.
There also must have been, it says, higher demand in the domestic market... because since 2013 companies have had to take all risks themselves and could not rely on the state.
According to the Seoul-based Korea Institute of Finance, in 2016 and 2017, the North launched three new non-life insurers.
Before there had been only one for the whole country.
The new ones are Pukguksong Insurance, responsible for fire, technology and agriculture,... Samhae Insurance, handling ships and maritime cargo... and Mirae Reinsurance, the regime's first insurer for insurers.
The Korea Institute of Finance said the reason the regime moved away from the monopoly model was to attract foreign capital into its special economic zones.
There also must have been, it says, higher demand in the domestic market... because since 2013 companies have had to take all risks themselves and could not rely on the state.