NH NongHyup Life Conducts On-Site Inspection in Pohang Affected by Typhoon Damage

NH NongHyup Life Vice President Shin Sang-jong (first from the left) and Pohang NongHyup Chairman Jeong Chang-gyo (third from the left) are talking with farmers affected by the typhoon.

[Asia Economy Reporter Changhwan Lee] NH Nonghyup Life Insurance announced on the 8th that it visited Pohang, the area most severely damaged by the typhoon, to conduct an on-site inspection. On this day, Shin Sangjong, Vice President of Business Division 1, visited Pohang representing NH Nonghyup Life Insurance.

Shin Sangjong, Vice President of Business Division 1 of NH Nonghyup Life Insurance, who visited Pohang, met with Jeong Changgyo, the head of Pohang Nonghyup, and directly visited the damaged areas within the jurisdiction to hear about the damage status.

NH Nonghyup Life Insurance also made direct donations of rice and bottled water for the typhoon victims. Through the Korean Red Cross, they provided 6,000 kg of rice and 8,400 2L bottles of water to the victims in Gyeongbuk and Pohang areas.

In addition to material support, financial support will also be provided. First, insurance premium payment deferrals will be granted until December 31 for victims and families affected by the heavy rain, as well as agricultural businesses.

Deferral can be applied for up to six months including the application month, and payments can be made in installments for up to two months after the deferral period. Also, when reactivating contracts currently in a lapsed state, late payment interest can be waived. The application deadline is February 28 of next year.

Measures for credit support have also been prepared. Existing borrowers who meet the same collateral conditions as at the time of the original loan issuance can extend the loan term regardless of credit rating.

Interest payments (excluding late interest) can be deferred for up to 12 months from the final interest repayment date. Installment repayments can also be deferred for up to 12 months from the installment payment date within the installment repayment period. Credit support applications are accepted until December 31.

Vice President Shin Sangjong said, “Visiting Pohang, which suffered the greatest damage from this powerful typhoon, it is urgent to prepare measures for damage recovery,” and added, “NH Nonghyup Life Insurance will support both materially and financially for the rapid restoration of facilities and the prompt return of victims to their daily lives.”

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