Message from General Director

Dear colleagues and homepage visitors,

I am very pleased to report on the business performance of my company in 2023 as follows.

Last year, vigorous efforts were made to produce and create more in every sector and unit of the national economy. Large-scale construction projects such as 10,000 housing construction in Pyongyang were extensively carried out and the agricultural production was dramatically increased in our country.

We drafted our intermediary service plans for 2023 and put them in action to respond to the underlying reality of the national economy and the insurance industry.

First of all, we placed more emphasis on engineering and agricultural insurance broking than others, and achieved the gross income at KPW 11,184,192 and KPW 8,072,937 respectively, which is a 122.76%, and 120.10% increase on the previous year.

Next, we channeled our efforts into property and marine insurance broking – the main props of our company with the respective results of KPW 19,203,735 and KPW 10,961,971 therefrom. In addition, we were able to enjoy a 125.44% increased gross income at KPW 1,020,858 in personal accident insurance.

As a result, the gross insurance brokerage in 2023 amounted to KPW 50,443,693 with an average annual growth rate of 114.83% over the last three years.

With a deep insight into business development and marketing strategy, we attached importance to consulting services on risk management for customers.

Our consulting services are based on skilled professionals with different disciplines of expertise and we are well-known for “Rainbow-unique package of solutions” to our customers’ needs to track down the potential risks together with timely measures in their business.

Coupled with profound knowledge, customer-oriented friendly service and prompt solutions, the consulting fee in 2023 amounted to KPW 2,564,255.

Through inner-company training plans and courses on various subjects, we will continue to encourage our staff to further their knowledge of insurance and finance and upgrade the quality of our consulting services.

Plus, we will strive to create a bettered market environment for the sustainable development of the company through active cooperation with local insurers and clients as well as with foreign insurers, reinsurers and brokers in the future.

Last but not least, we thank you once again for your interest in our company and we believe that our cooperation with your esteemed selves will develop further in many days to come.

Han Chol Gyu
General Director

Vision

Vision

Our vision is to be a leading insurance and reinsurance intermediary that values integrity, honesty and fidelity. We also seek to be a company that provides its clients with prompt and quality service.

Mission

Mission

Our mission is to create and deliver insurance and reinsurance solutions and services that make our clients more successful in their lives and businesses.

Corporate Structure

Rainbow Intermediaries is run through the Executive Committee of Management and operational and supporting divisions.

The Executive Committee of Management consists of three persons, including a chairman and two executive members.

The executive chairman is also the Managing Director of the firm, and the executive members are the Deputy Managing Director and the Head of Reinsurance Section.

We have the competent experts at each section with special knowledge and considerable experience in various fields like insurance, reinsurance, finance, legislation, information technology, etc.

Insurance Section

It is one of the main operating units of the Company responsible for insurance intermediary service in the domestic market.

Reinsurance Section

This section is in charge of brokering reinsurance businesses.

Business Strategy Section

This section undertakes the task of formulating the strategies of operation and management and supervising the performance thereof, as well as developing new strategies corresponding to the changes and developments of insurance market.

Information Technology Section

The modernization and digitization of business is led by this section in charge of developing and introducing the most up-to-date information technologies.

Accounting Section

It takes care of financial analysis and management of business operation.