North Gyeongsang Province partners with businesses to fund disaster insurance for vulnerable residents

North Gyeongsang Province has launched a public-private partnership to help vulnerable residents obtain flood, storm and earthquake disaster insurance, aiming to better protect their property from natural disasters.

The province signed a third-party donation MOU with the Korean Red Cross North Gyeongsang Chapter and four companies and organizations Friday afternoon at the provincial government building in Andong to support enrollment in flood, storm and earthquake disaster insurance.

The signing ceremony was attended by six institutional heads, including North Gyeongsang Province Governor Lee Cheol-woo, Korean Red Cross North Gyeongsang Chapter President Kim Jae-wang, NH NongHyup Bank North Gyeongsang Regional Director Kim Jin-wook, Korea Specialty Contractors Association North Gyeongsang Chapter President Choi Jin-hyeon, HS Hwaseong Chairman and CEO Lee Jong-won, and North Gyeongsang Development Corp. Executive Director Jo Yeong-cheol, along with about 20 other officials.

Under the agreement, NH NongHyup Bank's North Gyeongsang branch contributed 15 million won (about $9,850), while the Korea Specialty Contractors Association's North Gyeongsang chapter, HS Hwaseong, and North Gyeongsang Development Corp. each donated 5 million won, bringing the total contribution to 30 million won.

The province plans to use this initiative as a starting point to build a more comprehensive disaster safety net through continued public-private cooperation.

"As climate change makes natural disasters such as floods, storms and earthquakes increasingly unpredictable, proactive preparation is more important than ever," Governor Lee said. "Through this agreement, we will do our utmost to create a safe North Gyeongsang Province where disaster-vulnerable residents can live with peace of mind."