Cargo Insurance – A Key Contributor to the National Economic Development

The major tasks of the new five-year plan set by the Eighth Congress of the Workers' Party of Korea aim at focussing investment with the metal industry and chemical industry as key links so as to normalize production in all sectors of the national economy, consolidate the material and technical foundations of the agricultural field and supply enough raw and other materials to light industry for increased production of consumer goods.

Towards successful implementation of the new five-year plan, every sector has risen up to increase production on the principle of self-reliance and self-sufficiency. This means there has also been a growing demand for land, marine, and railway transport across the country.

Marine cargo transport comes first in sufficiently meeting the demand of transportation for the national economy since our country is bounded on three sides by sea.

 

True to the purpose and mission of socialist insurance, Korea National Insurance Corporation arranges insurance for all cargoes and pays out in a timely manner for loss of or damage to the insured cargoes by natural catastrophes or unexpected accidents.

In accordance with the global insurance development trend, we will effect regular updates on terms and conditions of cargo insurance and further enhance the level of risk management for all cargoes so that we could work out our plans for decreasing the loss ratio and indemnifying the incurred cargo losses in a prompt way, thus making active contribution to the national economic development.