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. ...

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.

  • LinkedIn  
  • Save this article
  • Print this page  

You need to sign in to use this feature. If you don’t have an Insurance Post account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: