How North Korea’s state insurer won big in London but walked away empty-handed
Court records show KNIC was awarded over 500K euros but was left with nothing after Russian courts overturned ruling
AI-generated illustration of Russian and North Korean officials in front of the Elizabeth Tower in London | Image: NK Pro
North Korea’s state insurer won a yearslong legal battle against a Russian firm in London in a previously unreported case, official documents show, only for Russian courts to overrule the verdict, leaving the DPRK unable to collect on over half a million euros.
The DPRK’s largest insurer Korea National Insurance Corporation (KNIC) accused the Moscow Insurance Company of refusing to pay on reinsurance contracts signed between 2005 and 2007, with a London arbitration panel ruling in favor of KNIC 12 times for a total of at least 538,860 euros in 2015-2016.
Reinsurance is the practice of insuring
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