Insurance Post

News - North Korea takes reinsurers to court in $50m claim

North Korea is currently engaged in a reinsurance dispute being heard in the High Court in London.The state-monopoly Korean National Insurance Corporation (KNIC) is suing a group of international reinsurance firms led by a subsidiary of German insurance giant Allianz Group for more than $50m.According to Tim Akeroyd, partner at law firm Elbourne Mitchell, who is acting on behalf of KNIC, the dispute relates to a North Korean helicopter accident in 2005. The main issue at stake, he said, is j