The mission of Korea National Insurance Corporation (KNIC) is to provide life and non-life insurance covers to institutions, enterprises, cooperatives and individual citizens within the territory of the DPR Korea.
As befits its corporate mission, KNIC has the specific departments dealing with life and non-life insurance and other complementary divisions at its head office, as well as insurance branch offices at different levels across the country under it.
The major operational departments at the head office are as follows:
Property Insurance Department is in charge of non-life insurance classes, such as property, crop, livestock, engineering and motor applied from institutions, enterprises, cooperatives and individual citizens.
Marine Insurance Department handles such lines as marine hull, cargo and liability, aviation hull and liability applied from institutions, enterprises and cooperatives.
Life Insurance Department provides life and personal accident coverage applied from institutions, enterprises, cooperatives and individual citizens.
Economic Cooperation Insurance Department offers different classes of insurance to economic development zones including Rason Economic and Trade Zone and foreign invested enterprises(foreigners, foreigner\'s independent enterprises, joing ventures, representative offices, correspondenet branch offices, embassies and international organizations).
Reinsurance Department organizes reinsurance protection for primary insurance accounts written by KNIC. It also writes various reinsurance businesses from (re)insurance companies abroad.
Investment Department conducts investment activities for financial securities and mining, and manages non-insurance enterprises like a shipping company.
Besides, there are other complementary divisions like Market Research, Insurance Cooperation, Finance & Accounting, Administration and Protocol, all of which are engaged in their respective functions.
KNIC, as a recognized insurer of the DPR Korea has about 10 provincial insurance branches and 200 insurance offices at municipal(district) and country levels under it, as well as representative offices oversea.
Themed as 《Marine INsurance & Reinsurance: the Challenges of the Time》, an international seminar took place in Pyongyang, the Capital of DPR Korea from 7th to 9th June 2010, under the co-auspices of Korea National INsurance Corporation (KNIC) and the Federation of Afro-Asian Insurers & Reinsurers (FAIR).
The seminar was held in accordance with the determination taken by the Federation of Afro-Asian Insurers & Reinsurers in its 21st Conference in Kuala Lumpur, Malyasia in October 2009.
Present at the Seminar were 111 delegates from home and abroad, including Mr. Ezzat Abdel-Bary, Secretary General of FAIR and those from 74 companies and institutions of 21 countries of Asia, Africa and Europe, representatives of diplomatic corps, economic and trade missions, and international organizations in DPR Korea, underwriters of KNIC and other persons concered at home.
At the Seminar, prominent foreign and local underwriters and other personalities presented papers on the globally current insurance issues.
The forum provied a good platform to seek and share ways and means for the healing of the unstable insurance sector in the aftermath of global financinal crisks.
Marine Cargo Insurance Indian Market Experience
Chief Manager, Marine Cargo Technical Department, The New India Assurance Company
Marine Cargo Clains in China
Director, FAIRICC SURVEY AND LOSS ADJUSTING CO LTD
Marine Cargo Insurance in DPR Korea
Kang Sun Il
Managing Director, Korea Nation Insurance Corporation
Marine Cargo Claims & Adjustment - An Overview
Director, J.B.Boda Surveyor PVT.Ltd
Cargo Insurance & Reinsurance-London's Position in a Global market
Director, Cooper Gay & Co.Ltd - Marine & Aerospace Division
London Cargo Market
Director, Alsford Page & Gems Limited
The Art of Adjusting Catastrophe Claims
European Regional Director, Cunningham Lindsey
Director, Cunningham Lindsey
Controlling Piracy Risk Problems - the Role of International Community, Goverment and Ship Owners
Director, Sun Reinsurance Brokers LLC.
China Insurance Market
Alan Zhang Yong
Managing Director, Founding Partner, Continental Insurance Brokers Ltd
New Trends in the Reinsurance Market
Solicitor, Elborne Mitchelle
Alternative Reinsurance Product
Executive Vice President, HAAKON LTD.
In Pyongyang, the capital of DPR Korea, the Pyongyang INternational Insurance Seminar on 《The Dynamics of Insurance Coverage Arrangement and Rate Application Responding to Recent Catastrophes and Disasters》 was held from 12nd to 14th June 2012 under the co-auspices of Federation of Afro-Asian Insurers & Reinsurers (FAIR) and Korea National Insurance Corporation (KNIC).
This seminar is in accordance with the decision of FAIR 22nd General Meeting.
Present at the Seminar are a lot of delegates from home and abroad, including the delegates of FAIR member and non-member companies, delegates from insurance, reinsurance and broking companies of Asia, and Europe, representative of diplomatic corps, economic and trade missions, and the international organizations in DPR Korea and insurers of KNIC and other professionals of related bodies at home.
At the Seminar competent foreign and local figures and experienced underwriters presented valuable papers concering the globally current issues like the catastrophes insurance business.
This forum was a good chance for all delegates and participants to share their knowledge and experiences acquired in healing the aftermath of global financial crisis and seeking solutions to the challenges of the nature disasters and to tighten business relationship with each other.
Earthquake and relevant insurance in China
Henry Zhang, FAIRICC Survey & Loss Adjusting Co., China
The Opportunities of Emerging Reinsurance Market
Dmitry Shaydulin, "Glinso-Insurance Brokers" L1c, Russia.
Arbitration Clauses in International Arbitration Contracts
Tim Akeroyd, Elborne Mitchell LLP, UK
The worldwide agricultural re/insurance market
Karl Josef Schneider, Novae Re, Switzerland
General Principles Relating to the Conduct of Loss Surveys and Claim Adjustments Following Catastrophic Events from a Crop Insurance Perspective
Brent Alexander Demnar, Agri Business Consulting Group, Australia
Contingent Business Interruption Following Catastrophe
Robert Edward Dalton, Cunningham Lindsey International, UK