Reinsurance Coverage has a broad reach. Recently, Korea National Insurance Company, owned by the government of North Korea, settled an Insurance Coverage case filed in London, in which reportedly 95% of a claimed loss will be paid by its Reinsurers.
The real news here is that KNIC, which many would truly consider a "captive" Insurance Company, i.e., the government of North Korea, obtained and paid for Reinsurance Policies.
The Reinsurance Policies obtained by North Korea were with Allianz, Generali, and several Lloyd's of London syndicates, among others. However, one of KNIC's Reinsurers, Aviabel, reportedly did not join in the settlement. See Sundeep Tucker, "N Korea State Insurance Group Wins Case" (Financial Times.com, Dec. 10, 2008). [Note: Despite the headline of this linked FT.com report, the matter was settled; the London case did not therefore result in a judgment of any kind as a result of that settlement, apparently.]
Please Read The Disclaimer.
Comments