Financial Services Commission and Insurance Associations to Provide 2 Billion KRW in Free Insurance to Jeonbuk Small Business Owners

Kwon Daeyoung, Vice Chairman of the Financial Services Commission (left), and Kim Jonghun, Deputy Governor of Jeonbuk Economic, signed a business agreement for the "Insurance Industry Win-Win Product Support Project" to strengthen the social safety net for small business owners. Photo by Financial Services Commission

The insurance industry and Jeonbuk Special Self-Governing Province will provide free insurance worth 2 billion KRW to small business owners and others in the Jeonbuk region over the next three years.

The Financial Services Commission announced on September 1 that it had signed a business agreement to this effect during the "On-site Local Finance Grievance Resolution Meeting and Financial Services Commission-Jeonbuk Business Agreement Ceremony" held at the Jeonbuk Regional Office of SMEs and Startups in Jeonju, Jeonbuk Province.

On this day, Jeonbuk Province, the Korea Life Insurance Association, and the General Insurance Association of Korea signed a business agreement to provide free insurance worth 2 billion KRW to small business owners and others.

Among six insurance products-credit insurance, accident insurance, climate insurance, disaster insurance, fire insurance, and multi-child safety insurance-designed to support the recovery of small businesses and address low birth rates, products suitable for the economic situation in Jeonbuk will be selected and offered as win-win products. The full insurance premium will be covered for eligible recipients. The goal is to begin enrollment early next year.

This business agreement is a follow-up measure after the insurance industry decided last month to create a win-win fund worth 30 billion KRW. The insurance industry will establish this fund to support free insurance enrollment for small business owners and low-income individuals and will work with 17 cities and provinces nationwide to implement region-specific support projects. Jeonbuk has been selected as the first local government to receive support.

At the event, a business agreement was also signed for the "On-site Integrated Support Service," which provides direct consultations on inclusive finance and debt adjustment by visiting cities and counties in Jeonbuk. This service is designed to make it easier for local residents who have difficulty visiting the Inclusive Finance Support Center to receive consultations.

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