Rainbow Intermediaries, which claims to be North Korea's first re/insurance brokerage, has launched an English-language website.
Pyongyang has launched business insurance firms which it hopes will help open up its economy and attract overseas funding. On its official web portal Naenara, North Korea introduced the country's "first insurance and reinsurance broker" company on Friday.
The Pyongyang-based brokerage opened its doors in May 2015, and is authorised to do business in three sectors: insurance and reinsurance brokerage and "professional" insurance consulting, a report by North Korea-focused news website NK News said.
In keeping with the development of global insurance industry, we will further update the efficiency of our service to help our clients choose the best of insurance products available in the market"
"Rainbow Intermediaries satisfies the demands of corporate and individual clients throughout the country for insurance cover of their life and property against risks in close cooperation with the national insurers," the website read, promising the company "will always try to offer a service as reliable and diverse as it could to win the heart of the clients."
The insurance and reinsurance broker company notably said it has gone through "rapid growth in two consecutive years" earning an income of approximate KPW12.5m in 2015, the website said, continuing that the total income reached around KPW37m by the end of 2017.
The profits have also increased around nine times from KPW2.37m to KPW21.6m in 2017, the income statement read.
In terms of "financial figures," the company shared information on brokerage income per year, its proportion, balance sheet, income statement, and cash flow statement.
"In keeping with the development of global insurance industry, we will further update the efficiency of our service to help our clients choose the best of insurance products available in the market," managing director Kim Myong Hak said.
With regard to insurance broking services, the company's coverage includes "fire, motor, contractor's all risk & erection all risk, and machinery breakdown insurances."
The number of insurance companies rose after North Korea set up economic and trade zones to bring in foreign investors who had insurance demands. Before that, North Korea had only one insurance company, the Korea National Insurance Corporation, founded in 1947.
Several business insurance firms were launched between 2016 and 2017 including the Polestar Insurance Company, Samhae Insurance Company and Future Re Company, Yonhap News Agency reported in February, chinese news outlet Global Times reports.
Chinese investors have welcomed the move, saying it will boost their confidence in doing business in the country.
"The new insurance intermediary shows a sign of growing complexity and competition in the commercial services within the North Korean economy," a Chinese businessman told Global Times.