Lotte Chemical and Samsung Fire & Marine Insurance Collaborate on Risk Management to Prevent Major Accidents

[Asia Economy Reporter Hwang Yoon-joo] Lotte Chemical announced on the 6th that it has signed a 'Risk Management Partnership for Major Accident Prevention' business agreement with Samsung Fire & Marine Insurance.

Through this agreement, both companies plan to collaborate on workplace risk assessments, accident prevention consulting, sharing accident prevention know-how, seminars, and social contribution projects.

Lotte Chemical plans to conduct fire and electrical safety assessments as well as natural disaster risk assessments such as typhoons and earthquakes at its Yeosu, Daesan, and Ulsan plants with support from Samsung Fire & Marine Insurance.

Samsung Fire & Marine Insurance intends to strengthen its expertise in risk management for the chemical industry by sharing Lotte Chemical’s on-site safety management know-how, aiming to prevent various accidents and stabilize loss ratios in the long term.

Kim Yeon-seop, Head of ESG Management at Lotte Chemical, stated, "This business agreement will serve as an opportunity for both companies to practice ESG management. We expect to create social value through continuous collaboration between two companies possessing the industry's highest expertise and influence."

Lee Moon-hwa, Head of General Insurance at Samsung Fire & Marine Insurance, said, "This agreement is a model ESG partnership case between the chemical and insurance industries in the field of risk management and will contribute to spreading a culture of ESG safety management."

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