February 24, 2024

North Korean insurance firm planning entry to Russian market, association says

Russian insurers call move ‘promising,’ though expert raises doubts that reinsurer could pay out in case of incident

A North Korean reinsurance firm is weighing whether to enter the Russian market following the exodus of Western companies over the war in Ukraine, with a group of potential partners calling the move “promising.”

The DPRK reinsurer Future Re Company approached the All-Russia Insurance Association with a presentation outlining plans to expand its business and enter the Russian market in late July, according to the association, shortly before Moscow and Pyongyang ramped up talks on military cooperation.