Kathmandu. South Korea’s life and non-life insurance industry has pledged $72,000 to support recovery efforts following the floods in the southern cities of Jeonge and Tongyong.
The Life Insurance Social Contribution Committee and the Social Contribution Council of the Non-Life Insurance Association have decided to donate the emergency relief fund to the Korean Red Cross on August 24. The funds will be used to repair flood-damaged areas, provide relief materials to affected people and help vulnerable families with the cost of living.
The Korean insurance industry has already provided financial and other support after major natural disasters such as forest fires and heavy rains.
According to Kim Cheol-joo, co-chair of the Life Insurance Social Contribution Committee, the purpose of the contribution is to help the affected people return to a normal life. The new contribution comes at a time when South Korea’s insurance companies are playing a role in disaster recovery and community support following increasingly severe weather events. –Agency
