North Korea establishes its first international investment insurance firm

A surprising development in the global insurance industry: North Korea has established its first investment insurance firm. The firm’s aim is to attract foreign investments to the troubled country. It is expected that the North Korean firm will purchase reinsurance policies from international companies and offer this coverage to companies looking to do business within its borders. The firm is being built to mimic an insurance system in South Korea, which has served as a way to help business owners recover from financial losses due to risky investments. Because of…

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Typhoon Muifa Misses China’s East Coast, Lands in North Korea as Tropical Storm

BOSTON, Aug. 8, 2011 – According to catastrophe modeling firm AIR Worldwide, Muifa, once a super typhoon with winds exceeding 250 km/h (1-min sustained), made landfall near the border between China and North Korea around 12:00 UTC Monday at tropical storm strength. Last week, the storm had been forecast to make landfall over the weekend near Shanghai. However, Typhoon Muifa turned to the north earlier than expected and bypassed China’s eastern coastal provinces. Muifa weakened to a tropical storm as it entered the East China Sea and passed to the…

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