Polestar Insurance Company

Company Overview

olestar Insurance Company was established against a background of dynamic growth in national economy, with forward momentum gathered over recent years, followed by rise in the need of individuals and entities for secure and wider insurance coverage combined with heightened insurance awareness among the community.

Polestar's cover initially comprised fire, engineering and credit, but thus far has been extended to further interests like crop, fruit, aquaculture, etc. thereby ever broadening our overall customer base and market share.

With ethical standards such as honesty and equal opportunity flowing into its every business decision, Polestar has built its early reputation among the masses and has grown into a prominent player on its values of expertise, quality and sustainability under direct supervision of experienced and skilled team leading qualified underwriters with professional career.

Cooperation Overseas

Polestar is a member of the Federation of Afro-Asian Insurers & Reinsurers "FAIR".

FAIR is a professional organization that is aiming at promoting cooperation among insurance and reinsurance companies in Africa and Asia through the regular exchange of information, expertise and the development of reinsurance relations.

Accessing FAIR, whose members are now more than 250 companies from 51 Afro-Asian countries, means increased opportunities for Polestar to expand its global presence and interaction with prestigious insurance and reinsurance companies and brokers from international markets.

Products & Services

Fire, Engineering, Agriculture, Credit, Travel

Fire Insurance

(Fire and Allied Perils, Business Interruption)

Fire insurance took a considerable portion of our portfolio in 2022 with the GPW solely from this line exceeding KPW 1,730,000,000. In the year 2023, premium income through fire underwriting is estimated at KPW 1,830,000,000.

Engineering Insurance

(Contractors' All Risks, Erection All Risks, Machinery Breakdown, Machinery Loss of Profit, Civil Engineering Completed Risks)

This market of Polestar is also undergoing massive expansion in line with the general tendency among factories and enterprises towards renovation and extension, combined with overall modernization of facilities, and with a great number of civil engineering projects undertaken in many parts of the country. GPW from our engineering business reached KPW 837,000,000 in 2022. Premium income through engineering business is expected to be KPW 1,030,000,000 for the year 2023.

Agriculture Insurance

(Crop (rice, maize, potato, cash crop), Aquaculture, Fruit)

Based on our market research regarding the above, we developed our new agriculture products in early 2017 to insure rice, maize and potato grown by cooperative farms. 2018 witnessed extension of this product range to fruit, cash crop and aquaculture. (Kindly note that aquaculture is underwritten within our agriculture portfolio.) Our estimate puts GPW for 2023 at KPW 1,410,000,000, which would reflect a considerable growth compared to KPW 1,344,000,000 of 2022.

Others

The Company has conducted Credit and Travel Insurance Business. Having identified risks and the market for this coverage, we have effectively underwritten credit contracts, and the some premium amount of 2022 has been recorded. GPW from others in 2022 was KPW 12,000,000 which would reflect 64.2% of 17,900,000 in 2021.

Key Figures Figures in KPW (exchange rate: CHF1 = KPW 130)

2020

2021

2022

Gross premium written	3,351,043,678	3,588,359,459	3,922,923,360
Net Earned premium	3,133,676,133	3,361,195,683	3,426,803,995
Total assets	9,232,749,352	9,747,821,861	10,729,960,703
Gross Paid Loss	2,812,201,173	2,636,917,520	2,206,576,307
Paid-up capital	3,000,000,000	3,000,000,000	3,000,000,000
Total equity	8,140,649,855	8,583,719,350	9,198,122,545
Profit/Loss before payment to state	323,397,480	632,956,422	999,204,260
Profit/Loss For The Period/Year	226,378,236	443,069,495	749,403,195

북극성보험회사