KB Insurance Expands Distribution of Arc Interruption Equipment to Reduce Fire Accidents

Business Agreement Signed with I&C Technology
Mandatory Arc Interruption Equipment Installation Regulations to Take Effect Soon
"Aiming for Fire Prevention and Building a Social Safety Net"

KB Insurance announced on July 4 that it had signed a business agreement with I&C Technology on July 3 at its headquarters in Yeoksam-dong, Gangnam-gu, Seoul, to promote fire prevention and joint marketing by expanding the distribution of arc (electric spark) interruption equipment.

At the business agreement ceremony held on the 3rd for fire prevention and joint marketing between KB Insurance and I&C Technology, Sangkyu Park, Head of General Insurance Division at KB Insurance (left), and Changil Park, CEO of I&C Technology, are taking a commemorative photo. Photo by KB Insurance

The signing ceremony was attended by Sangkyu Park, Head of General Insurance Division at KB Insurance, Changil Park, CEO of I&C Technology, and officials from both companies.

Through the agreement, the two companies have agreed to: ▲mutually cooperate to expand the distribution of arc interruption equipment and promote insurance enrollment; ▲provide technical information related to equipment installation; ▲offer insurance services to customers who install the equipment; and ▲support cooperation for risk management services.

According to the Korea Electrical Safety Corporation, more than 80% of the over 7,000 electrical fires that occur annually are caused by arcs.

The National Fire Agency also recommends the installation of arc interrupters for fire prevention, but the installation rate remains low. In response, in February, the Ministry of Trade, Industry and Energy announced an administrative notice of a partial amendment to the Korea Electrical Installation Regulations, aiming to make the installation of arc interrupters mandatory in fire-prone locations such as logistics warehouses, with the new regulations set to take effect soon.

KB Insurance plans to conduct joint marketing to provide differentiated insurance services to customers who install arc interruption equipment and to encourage installation of the equipment across all industrial sectors.

KB Insurance believes that the collaboration between the two companies will make a significant contribution to practical fire prevention and loss ratio management.

Park stated, "We hope that our collaboration will lead to a wider installation of arc interruption equipment and a reduction in fire accidents," adding, "We will continue to take the lead in building a social safety net by providing differentiated insurance services to corporate clients."

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