Samsung Fire & Marine Insurance and Lotte Chemical Sign Partnership for Risk Management to Prevent Major Accidents

[Asia Economy Reporter Oh Hyung-gil] Samsung Fire & Marine Insurance announced on the 6th that it has signed a risk management partnership agreement with Lotte Chemical to prevent major accidents.

Through this agreement, both companies plan to collaborate on workplace and partner company risk assessments and accident prevention consulting, share knowledge capabilities and accident prevention know-how for ESG (Environmental, Social, and Governance) safety management, and support cooperation in seminars and social contribution events.

Samsung Fire & Marine Insurance will conduct risk assessments related to fire and electrical safety at Lotte Chemical’s Yeosu, Daesan, and Ulsan plants, as well as natural disasters such as typhoons and earthquakes. Lotte Chemical intends to secure employee safety by enhancing the actual safety of its workplaces through active safety investments.

Additionally, safety inspections will be expanded to Lotte Chemical’s partner companies, and ESG safety management will be promoted by sharing assessment results through performance-sharing meetings.

Kim Yeon-seop, Head of ESG Management at Lotte Chemical, said, "To successfully implement ESG management, it is necessary to share various know-how between companies and seek innovative methods through collaboration. We expect that continuous cooperation between the two companies, which possess the industry’s highest expertise and influence, will create social value."

Samsung Fire & Marine Insurance plans to enhance its risk management expertise in the chemical industry by sharing Lotte Chemical’s on-site safety management know-how. Lee Mun-hwa, Head of General Insurance at Samsung Fire & Marine Insurance, emphasized, "ESG management is an international norm that transcends industry megatrends and encompasses the times. We expect this exemplary partnership between the chemical and insurance industries in risk management to contribute to spreading an ESG safety management culture."

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