Insurance Companies Extend Support Amid Mega Wildfires

On the 8th, as the wildfires in Uljin and Samcheok continue, the Uljin County wildfire suppression team is extinguishing the fire in the forest area of Sinrim-ri, Uljin-eup, Uljin-gun, Gyeongbuk.
[Image source=Yonhap News]

[Asia Economy Reporter Changhwan Lee] Domestic insurance companies are extending helping hands in response to the large-scale wildfires that occurred in Gangwon-do and Gyeongsangbuk-do.

According to industry sources on the 9th, Kyobo Life Insurance announced that it will donate 200 million KRW in relief funds to the Hope Bridge National Disaster Relief Association to assist in the recovery from the large-scale wildfire damage in Gangwon-do and Gyeongbuk regions.

The donated funds will be delivered to the National Disaster Relief Association and used to provide relief supplies for disaster victims in 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, helping the victims overcome their pain and regain hope in life.”

Financial support for customers in wildfire-affected areas will also be expanded. Kyobo Life Insurance has decided to defer 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.

NH Nonghyup Property & Casualty Insurance CEO Choi Moon-seop visited the wildfire damage site in Uljin-gun, Gyeongsangbuk-do on the 6th to console farmers.

CEO Choi said, “We will assist the rapid recovery of farmers and agricultural businesses distressed by the sudden wildfire through prompt accident investigation and advance payment of insurance claims. It was regrettable to see many farms not enrolled in agricultural policy insurance during the site visit. We will also devise plans to expand enrollment for non-subscribed farms and strive to establish a safety net for farm management.”

Shinhan Life Insurance will also defer premium payments for wildfire-affected customers for six months. After the deferral period ends, customers can pay in a lump sum or in installments over 2 to 6 months. During this period, customers will receive normal coverage benefits regardless of premium payment status.

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