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    Fire Insurance

    With its FLEXible and Extended cover, 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 2022 with the GPW solely from this line exceeding KPW 1,730,000,000. The number of policies we issued, whether upon new applications received or renewal of existing contracts, in the same year literally rocketed up to roughly 12,280 which is an amazing jump of 109% y-o-y compared to 2021.

    Customers of Polestar enjoy deep relaxation both at home and work simply because they know they are policyholders of our fire insurance.

    We are planning to diversify our property risk appetite in the coming years in order to best meet, in the nearest future, the demand of everyone willing to be protected from fire-related losses.

    In the year 2023, premium income through fire underwriting is estimated at KPW 1,830,000,000.

    Risk Gallery

    Engineering Insurance

    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.

    Our engineering policies cover Machinery Breakdown (MB), Machinery Breakdown and Loss of Profit (MLoP), Contractor’s All Risks (CAR), Erection All Risks and Civil Engineering Completed Risks (CECR). MLoP policies, in particular, are designed to meet the needs of the clients, applying reasonable rates and deductibles and appropriate endorsements. Furthermore, the procedures of issuing policies and claim settlement are easier and more convenient for the clients. Our client-oriented procedures and better terms of policies are conceived to be the main strength of development of engineering insurance.

    Premium income through engineering business is expected to be KPW 1,030,000,000 for the year 2023.

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    Agriculture Insurance

    While rice and wheat and barley 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. The farms have increased production steadily by introducing the densely planting techniques of dwarf fruit trees and other advanced fruit farming methods and breeding and growing high-yielding kinds of fruit trees as befits the climatic and soil conditions of our country.

    Farming in our country is diverse, as shown above, and continues to develop in line with the country’s production needs.

    On the other hand, the fish farms have widely conducted offshore and cage-net fish farming together with freshwater fish farming and have cultivated on a scientific basis various kinds of aquatic animals and plants in line with the trend of the international development in the industries, thus increasing the production steadily over recent years. Based on our market research regarding the above, we developed our new agriculture products in early 2017 to insure rice and potato grown by farms. 2018 witnessed extension of this product range to fruit, cash crop and aquaculture. (Kindly note that aquaculture is underwritten within our agriculture portfolio.)

    The Company is going to insure wheat and barley crops actively.

    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.

    The company intends to introduce weather-index insurance and livestock insurance in order to satisfy various demands from farms.

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    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. Risks we cover by this insurance involve not only bankruptcy and default on payment of receivables from export buyer’s credit, but also non-commercial risks like payment difficulties brought about by political events in the country of incorporation of the debtor and impossibility or restriction of transfer or of payment conversion as a consequence of serious economic difficulties of the country of the debtor’s residence, which frequently happens in the current world trade.

    We cover various export, investment, service contracts and loan agreements with a view to reducing our Insureds’ uneasiness and anxiety about the risks that may affect their transactions with foreign customers and at the same time allowing them to feel relaxed and extend credit to new foreign businesses. This has a wide appeal for many exporters, who are giving Polestar full credit for its attentive service.

    The number of travellers within the country has been in lockstep with growth in the national economy and tourism industry. With this in mind, necessary R & D was underway until early 2019, when we finally brought out a comprehensive policy cover for PA, financial loss & liability of travellers.

    The cover is also available to foreign tourists and other visitors to DPRK at their request.

    GPW from others in 2022 was KPW 12,000,000 which would reflect 64.2% of 17,900,000 in 2021.