When lost in the dark, you always need a GUIDING STR!
What we strive for: Remaining loyal to our commitment to become the preferred company by providing our customers and partners with Attentive, Agile & Accurate services closely followed by tangible benefits.
Polestar insures your interests under the banner of Reciprocity and Mutual Benefit and on the Principle of Valuing Credit.
Ethical standards such as Honesty and Equal Opportunity flow into Polestar's every business decision.
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.
Fire, Engineering, Agriculture, Credit, Travel
Fire Insurance
(Fire and Allied Perils, Business Interruption)
This is the basic policy needed by most businesses and is a large sector in the market.
Fire insurance took a considerable portion of our portfolio in 2023 with the GPW solely from this line exceeding KPW 1,785 million.
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 dynamically promotion of the capital city and the rural housing construction undertaken in many parts of the country.
GPW from our engineering business reached KPW 905 million in 2023.
While rice and wheat are the main crops in DPRK, a good portion of the national territory is devoted to cultivation of potato, vegetables, cash crops, fruits and mulberry.
According to the government plan for supplying the people with tasteful and fresh fruits all the year round, many fruit farms have been well established as the fully integrated base for fruit production all over the country and have introduced green production and other advanced production methods.
Others
The Company has conducted Credit, Travel and Professional Indemnity Insurance Business.
Having identified risks and the market for this coverage, we have effectively underwritten credit contracts with certain amount of premium income recorded.
Figures in KPW
2021
2022
2023
Gross premium written
3,588,359,459
3,922,923,360
4,143,580,936
Net Earned premium
3,361,195,683
3,426,803,995
4,026,410,195
Total assets
9,747,821,861
10,729,960,703
12,353,940,857
Gross Paid Loss
2,636,917,520
2,206,576,307
1,140,911,515
Paid-up capital
3,000,000,000
3,000,000,000
3,000,000,000
Total equity
8,583,719,350
9,198,122,545
10,891,629,732
Profit/Loss before payment to state
632,956,422
999,204,260
2,458,009,581
Profit/Loss For The Period/Year
443,069,495
749,403,195
1,843,507,186
Results as per Lines of Business
Financial Statements
Portfolio (split premium-wise)
Balance Sheet
Fire
Income Statement
Engineering
Cash Flow Statement
Agriculture
Credit
Publications Download
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