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On the Management Structure


The growth strategy in 2018 has been successfully carried out as we have concentrated all our efforts on providing our reinsurance capacity for the profitable business portfolios.

We have sought to obtain our goal by diversifying the channels of distribution targeted at improving the quality of each reinsurance program, the key to the steady growth of the company's value.

The national economic development policy of the DPRK government, the increasing number of revitalized industrial entities across the country and the establishments of several companies

specializing in marine and non-marine insurances provide a good opportunity for a dynamic progress of our company with short carrier.

Not content with the achievements we have made in this year, we will devote all our strength and wisdom to the rapid development of Future Re.

Kang Yong Hyok
Vice President
Thae Hyok Chol
Chief Financial Officer
Kim Song Mun
Investment Dept. Director

Home & Abroad Business Department

Based on the experience gained in the reinsurance operation at local market, we will solidify the local business foundation and at the same time get down to international business centring on regional markets, offering our capacity for facultative, proportional and non-proportional programs of property, engineering and marine insurances.

We have groups of property, engineering and marine insurance at home and abroad and a new staff dealing with agricultural business.

In the property lines we currently sell our capacity in Fire, Motor Hull and Motor Third Party Liability Insurances. We aim to double the business volume in the above mentioned classes and are also ready to expand our capacity selling to those classes of Property and Commercial All Risks Insurances, covered by our clients.

For the Engineering insurance, at present we have portfolios of the principal engineering insurance classes such as Contractors’ All Risks (CAR), Erection All Risks (EAR), Machinery Breakdown (MB), Machinery Loss of Profit (MLOP), Civil Engineering Completed Risks (CECR), and Industrial All Risks (IAR) Insurances. Upon the demand of the clients, we would deal with engineering insurance classes covering Comprehensive Project (CP), Comprehensive Machinery (CM), Advanced Loss of Profit (ALoP), Electronic Equipment and Deterioration of Stock Insurances.

Marine team’s panel of insurance classes is limited by Marine Hull, Marine Cargo and Protection and Indemnity (P&I) Insurances, which will be expanded to such classes as Carrier's Liability, Shipbuilding In-Progress and Aviation Hull Insurances.

This newly-organized team has started its reinsurance activity with Crop (Rice and Maize) and Potato Insurance. It is willing to increase its business volume in the above said main crop insurance classes and seize new business opportunities for Livestock, Fruit, Aquaculture, Industrial Crop and Weather Index Insurances.

The following year will be the first underwriting year for us to participating in a personal accident reinsurance program, in response to a kind invitation of the leading local cedant-this would be another step forward.

All of them are working hard to be pioneers in combining their professional knowledge in various fields with reinsurance and the latest sci-tech achievements in line with the successful completion of the IT based operational system.

Client & Partner Service (CPS) Department

To support this customer-first approach, we welcomed the establishment of the new Client & Partner Service (CPS) Department run by an experienced personnel; the new team enables us to have communications with our valued clients to get fully ready for the upcoming changes.

Our clients and partners are our priority, and we serve and encourage them in such a way as to remain true and loyal to our company.

We have worked hard to provide a stronger omni-channel service for our clients, ensuring that, whichever method they choose to engage with us, they get the same level of care and service.

Furthermore, the CPS supports client retention through better notification and awareness of renewal dates. As well as being contacted through SMS and email, customers are also able to renew their agreement instantly over the phone.

This new service has had a significantly positive effect on our reputation rate – we want our clients to come and stay with us, sharing experiences of a stable and mutual benefit.

R & D Department

During the year we have endeavored to make more effective use of technology to manage claims through mobile phone apps and our website, as well as re-engineering the back office process.

We are now working to open a new reinsurance claim payment gateway and obtain online reinsurance premiums, as an addition to improvement of current mobile applications and services through our website, which will definitely improve further the service quality to the esteemed clients of local market as from the end of current year.

Claims Department

Our main task is to strike a balance of the interests of all parties involved in the reinsurance business. It is important for us to conduct an efficient business at the confluence of such interests, as the sole professional reinsurer of the local market.

In terms of settlement this means fairness, obviousness and speed. That is why we strive to make our internal regulations and procedures as transparent as possible for claims settlement.

In addition, the claims department has been reorganized for swifter processing and better control with strong governance and oversight of the whole course. As a result, a remarkable change has been brought about in claims settlement.

Financial and Accounting Department

All the financial procedures are monitored and their results are duly analyzed and reported through a sophisticated program by a small number of qualified staff headed by Chief Financial Officer.

To report an accurate data and figures in due time not only to the board of management and its Executive Committee but also to the relevant authorities according to the statutory requirement is one of the most important and fundamental principles of the company.

Investment Department

Investment income poses itself as an essential component of the financial results of any reinsurer. The structure of company assets and the efficiency of managing the investment portfolio constitute the basis for financial stability of a company that is strictly controlled by the regulator. We strive to keep the maximum balance between reliability and profitability of investments.

Administration & Personnel Department

The company is, in a word, an organization formed by a group of people. Their innovative attitude of work, competence spirit and positive method of thinking are the basis of our reputation, the key to the future success. Our task is not only to recruit a team of like-minded people, the most competent and recognized experts and innovators with high reputation, but also to create the favorable conditions for giving the fullest play to their talents and abilities.

We have also invested in training and development of all staff, upskilling them to be able to give internationally qualified support and guidance to our clients.

We firmly adhere to the following principles in the Human Resources Development

  • Identification of holistic management strategy and company's goal
  • Dovetailing of business strategy between company and its staff
  • Constant improvement of qualifications and motivation through initiation of personnel strategy “Performance Excellence”
  • Providing excellent conditions to make full use of talents and abilities

The administration and personnel department is also staffed with the two qualified lawyers who legally support the internal and external operations of the company.