South Korea's life and non-life insurance industry has pledged KRW100m ($72,000) to support recovery efforts following heavy flooding in the southern cities of Geoje and Tongyeong.
The Life Insurance Social Contribution Committee and General Insurance Association of Korea’s Social Contribution Council said on 24 August that the emergency relief funds will be delivered through the Korean Red Cross.
The funds will be used to support restoration of facilities damaged by the floods, provide relief supplies to affected residents and assist vulnerable households with living expenses.
The Korean insurance industry has previously provided financial and other support following major natural disasters, including wildfires and heavy rainfall.
Kim Cheol-joo, co-chair of the Life Insurance Social Contribution Committee, said the contribution was intended to help affected residents return to normal life.
The latest contribution comes as insurers in South Korea continue to play a role in disaster recovery and community support following increasingly severe weather events.
The original report was published by Korean Insurance Newspaper.