Insurance Products: Insurance and Information Services

insurance products: On its official web portal Naenara, North Korea introduced the country's first insurance and reinsurance broker company on Friday, according to Global Times China. Founded in May 2015, the Pyongyang-based Rainbow Intermediaries provides information services to help its customers choose insurance products in the market. Pyongyang has launched business insurance firms which it hopes will help open up its economy and attract overseas funding. It also works as an intermediary to link foreign investors with local insurance companies, according to the website of Rainbow Intermediaries. The businessman, who asked for anonymity, told the Global Times that he has been doing business in the light industry sector in the country since 2004, and said that as the economy has been growing, the insurance companies were established because of the need for individuals and entities to have secure and wider insurance coverage. The new insurance intermediary shows a sign of growing complexity and competition in the commercial services within the North Korean economy, said a Chinese businessman. (news.financializer.com). As reported in the news.