Life, non-life insurers donate W100m to aid flood victims in Geoje, Tongyeong

The Life Insurance Social Contribution Committee and the Non-Life Insurance Social Contribution Council announced Monday they will donate 100 million won ($72,300) to support emergency relief efforts in the flood-stricken South Gyeongsang Province cities of Geoje and Tongyeong.

The funds will be delivered through the Korean Red Cross and used for facility repairs, relief supplies for displaced residents and livelihood support for vulnerable groups in the affected areas.

The two bodies have consistently carried out social contribution activities to support disaster recovery and aid displaced residents in the wake of various calamities, including wildfires and heavy rainfall events.

"We hope this support will be of some help in restoring the daily lives of those affected," said Kim Cheol-ju, chairman of the Life Insurance Social Contribution Committee. "The insurance industry will continue to pay close attention to the situation in the affected areas and do its part wherever needed."

Lee Byeong-rae, chairman of the Non-Life Insurance Social Contribution Council, also offered his condolences. "I extend my deepest sympathies to all those who have suddenly lost their homes and livelihoods due to the unexpected heavy rains," he said. "I sincerely hope they can return to a safe and normal life as soon as possible."

Meanwhile, the two insurance associations and six local governments — South Gyeongsang Province, North Gyeongsang Province, Gwangju, South Jeolla Province, Jeju and North Chungcheong Province — have announced an "Insurance Sector Inclusive Finance Promotion Plan." Under the plan, the insurance industry intends to roll out 2 trillion won in inclusive finance over the next five years to reduce coverage gaps for underserved populations.