Rainbow Intermediaries, which claims to be North Korea’s first re/insurance brokerage, has launched an English-language website.
The Pyongyang-based brokerage opened its doors in May 2015, and is authorised to do business in three sectors: insurance and reinsurance brokerage and “professional” insurance consulting, a report by North Korea-focused news website NK News said.
According to Rainbow Intermediaries’ website, it offers “fire, motor, contractor’s all risk & erection all risk, and machinery breakdown insurance” as well as treaty and facultative reinsurance. It also indicated that its profits grew by nine-fold to KPW21.6 million (US$24,000) in 2017.
Peter Ward, an expert on the North Korean economy, said that the existence of Rainbow Intermediaries suggests that the insurance sector within the reclusive country is showing signs of growth and complexity.
“As an intermediary between domestic (and perhaps even foreign) insurance companies and customers, this represents a sign of growing complexity and sophistication in the provision of commercial services within the North Korean economy,” he told NK News.
Earlier this year, three North Korean general insurance companies were reported to have been formed in 2016 to 2017. These are fire- and agriculture-focused Pukguksong Insurance Company, marine specialist Samhae Insurance Company, and the country’s first reinsurer in Mirae Reinsurance Company.
