North Korea responds to growing insurance demand

August 14 2015 by InsuranceAsia News Staff

North Korea’s state insurance firm, Korea National Insurance Corp (KNIC), will soon offer policies that cover farms and mobile phones, according to a statement on its website.

According to a UPI report, the state insurer came up with the decision to offer drought and mobile phone insurance to meet the increased demand for mobile phone insurance in the capital and provinces.

Aside from the demand from North Korean citizens for mobile phone insurance, farms in the country are also seeking more protection in response to climate change.

In response, KNIC is introducing policies for large-scale fruit farms by the Taedong River and in Kangwon province.

The insurance will provide protection against El Nino and other weather disturbances.

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