Non-Life Insurance Industry Supports Good Consumption Campaign for Small Business Owners with 16.7 Billion Won

On the 18th, the Korea Non-Life Insurance Association announced that it will promote a good consumption campaign worth 16.7 billion KRW together with 18 non-life insurance companies.

[Asia Economy Reporter Oh Hyung-gil] Non-life insurance companies have rolled up their sleeves to support small business owners facing economic difficulties due to the novel coronavirus disease (COVID-19) crisis.

On the 20th, the General Insurance Association announced that it will promote a good consumption campaign worth 16.7 billion KRW together with 18 non-life insurance companies.

They plan to actively participate in the government's good consumption campaign by pre-purchasing office supplies and consumables necessary for work and making advance payments to nearby restaurants. The amount involved is about 3.1 billion KRW.

In addition, 5 billion KRW of employee welfare funds scheduled for disbursement in the second half of the year will be paid within the first half to help stimulate consumption in local commercial districts.

They will provide local specialties or local gift certificates worth 6.1 billion KRW to recruitment organizations such as agents with excellent sales performance or decreased income, and distribute Onnuri gift certificates worth 2.1 billion KRW to employees, thereby participating in efforts to revitalize the local economy and traditional markets.

Furthermore, the non-life insurance industry plans to carry out social contribution activities worth 3.7 billion KRW for vulnerable groups.

They will newly promote joint projects to support small business households suffering economic damage, and each non-life insurance company will also promptly implement social contribution projects such as support for low-income households' incurable disease treatment and volunteer center support.

Kim Yong-duk, chairman of the General Insurance Association, said, "We hope that the good consumption campaign efforts will provide even a little help to those struggling due to COVID-19," and added, "We will prepare together with the non-life insurance industry to faithfully fulfill the original role of non-life insurance as a social safety net and its social responsibility."

This content was produced with the assistance of AI translation services.