Kyobo Life Insurance Donates 200 Million KRW for Wildfire Damage Recovery in Gangwon and Gyeongbuk

[Asia Economy Reporter Changhwan Lee] Kyobo Life Insurance announced on the 8th that it will donate 200 million KRW in relief funds to the Hope Bridge Korea Disaster Relief Association to help recover from the large-scale wildfires that occurred in Gangwon-do and Gyeongbuk regions.

The relief funds will be delivered to the Korea Disaster Relief Association and used to support relief supplies for disaster victims in the specially declared disaster areas such as Samcheok in Gangwon-do and Uljin in Gyeongbuk, as well as for reconstruction projects in the affected areas.

A Kyobo Life Insurance official said, "We hope that Kyobo Life Insurance’s small kindness will reach the residents suffering from the wildfire damage and help the disaster victims overcome their pain and regain hope in life."

Financial support for customers affected by the wildfire will also be expanded. Kyobo Life Insurance has decided to defer insurance premium payments for customers affected by this disaster for six months.

The deferral period is six months from the month of application, and the deferred premiums can be paid in a lump sum or in installments within six months after the deferral period ends.

Additionally, for customers who have taken out insurance policy loans, the repayment deadline for principal and interest will be extended by six months, and monthly compound interest will be reduced. For general loans, principal and interest payments will be deferred for six months.

For customers affected by the wildfire, the insurance claim process will be simplified to promptly pay insurance benefits. When submitting insurance claim documents and documents confirming wildfire damage, on-site investigations will be omitted as much as possible, and if no investigation is required, insurance benefits will be paid on the same day.

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