How North Korea’s state insurer won big in London but walked away empty-handed



Investigations How North Korea’s state insurer won big in London but walked away empty-handed Court records show KNIC was awarded over 500K euros but was left with nothing after Russian courts overturned ruling Anton Sokolin August 21, 2026 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON AI-generated illustration of Russian and North Korean officials in front of the Elizabeth Tower in London \| Image: NK Pro North Korea’s state insurer won a yearslong legal battle against a Russian firm in London in a previously unreported case, official documents show, only for Russian courts to overrule the verdict, leaving the DPRK unable to collect on over half a million euros. The DPRK’s largest insurer Korea National Insurance Corporation (KNIC) accused the Moscow Insurance Company of refusing to pay on reinsurance contracts signed between 2005 and 2007, with a London arbitration panel ruling in favor of KNIC 12 times for a total of at least 538,860 euros in 2015-2016. Reinsurance is the practice of insuring Read More © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01How North Korea’s newest ‘hypersonic’ missile could foil adversary defenses 02Crossing the Yalu: Why China and North Korea want to open long-stalled bridge 03A decade apart, two DMZ mine blasts highlight a new inter-Korean reality 04Chinese authorities seize smuggled goods bound for North Korea: records 05Likely Russian ship docks in North Korea’s Rason port for first time since May 06Trump doesn’t need a grand deal with Kim, but rather small coordinated actions 07North Korean trade with China rises 3.7% in August thanks to wig exports: data 08North Korea tensions expose Seoul’s uneasy relationship with UN Command

Investigations

How North Korea’s state insurer won big in London but walked away empty-handed

Court records show KNIC was awarded over 500K euros but was left with nothing after Russian courts overturned ruling

Anton Sokolin August 21, 2026

How North Korea’s state insurer won big in London but walked away empty-handed

AI-generated illustration of Russian and North Korean officials in front of the Elizabeth Tower in London | Image: NK Pro

North Korea’s state insurer won a yearslong legal battle against a Russian firm in London in a previously unreported case, official documents show, only for Russian courts to overrule the verdict, leaving the DPRK unable to collect on over half a million euros.

The DPRK’s largest insurer Korea National Insurance Corporation (KNIC) accused the Moscow Insurance Company of refusing to pay on reinsurance contracts signed between 2005 and 2007, with a London arbitration panel ruling in favor of KNIC 12 times for a total of at least 538,860 euros in 2015-2016.

Reinsurance is the practice of insuring

01How North Korea’s newest ‘hypersonic’ missile could foil adversary defenses
02Crossing the Yalu: Why China and North Korea want to open long-stalled bridge
03A decade apart, two DMZ mine blasts highlight a new inter-Korean reality
04Chinese authorities seize smuggled goods bound for North Korea: records
05Likely Russian ship docks in North Korea’s Rason port for first time since May
06Trump doesn’t need a grand deal with Kim, but rather small coordinated actions
07North Korean trade with China rises 3.7% in August thanks to wig exports: data
08North Korea tensions expose Seoul’s uneasy relationship with UN Command

How North Korea’s state insurer won big in London but walked away empty-handed

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Anton Sokolin