Asia-Pacific Journal of Business (아태비즈니스연구)

KNU The Institute of Management & Economy Research (강원대학교 경영경제연구소)
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Recent Changes of Insurance Market in North Korea: Based on Field Study

북한보험제도의 변화와 전망: 현지답사결과를 중심으로

  • Wen Cui (School of Economics and Management, Yanbian University) ;
  • Jaehyun Lee (School of Finance, Soongsil University) ;
  • Seungho Cho (Department of Global Commerce, Soongsil University) ;
  • Bum Kim (School of Finance, Soongsil University)
  • 최문 (연변대학교 경제관리학원) ;
  • 이재현 (숭실대학교 금융학부) ;
  • 조승호 (숭실대학교 글로벌통상학과) ;
  • 김범 (숭실대학교 금융학부)
  • Received : 2023.05.30
  • Accepted : 2023.06.23
  • Published : 2023.06.30
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Abstract

Purpose - This study is the first field study about the insurance market in North Korea. By analysing the information and the data collected from the visit to North Korea, we introduced the most recent change on the insurance market in North Korea and analyzed the impact of the change of economic policy on the insurance market. This study may enhance the understanding the current situation and provide expectations on the future of the insurance market in North Korea. Design/methodology/approach - This study is based on the field study doen in 2018 to Pyeong Yang, the capital of North Korea, The most information was collected from the legal documents, news papers and academic reports. Findings - During his regime from the year of 2012, Kim Jong Eun, the Supreme Leader of North Korea, initiated the drastic change in economic renovation policy in North Korea by shifting the economic system from the commodity economy to the market economy. Due to the policy, the insurance market in North Korea became marginally privatized and the market of life insurance contracts is expected to be increased if North Korea may resolve the political conflicts between North Korea and the United States and its allies in Asia mainly due to its nuclear testing. Research implications or Originality - Until now, very few studies have been done regarding the financial market in North Korea, especially about the insurance market. Our study provides unique information on the insurance market in North Korea because all the information and its implications are based on the field study in 2018.

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Acknowledgement

이 연구는 2018년도 숭실대학교 교내연구비 지원(융합연구)에 의한 연구임.

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