North Korea is currently engaged in a reinsurance dispute being heard in the High Court in London. ...
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 jurisdiction, with KNIC disputing the jurisdiction of the English courts, arguing that the claim is subject to North Korean law.
It is understood that the reinsurers, who have instructed law firm Clyde & Co, are also concerned that the totalitarian regime in North Korean controls all aspects of the fact-gathering process for insurance claims.
Along with Allianz, the Lloyd's market is also understood to have participated on the contract.
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