Government to strengthen insurance industry’s role to better protect and safeguard people’s life

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“As we have witnessed from the Sewol incident, the impact of such disasters on our life is devastating. All of us have to recognize the money spent to ensure safety as an investment for the future, not a cost.”

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FSC Chairman Shin Je-Yoon mentioned in a conference held in Hanhwa 63 City (63 Building), Yeoui-do with the representatives of insurance industry, academia, and public agencies. He also had time to participate in safety drill conducted by Korea Fire Protection Association(KFPA).

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“Safety and insurance are the two pillars of national disaster management. Private sector, including the insurance industry, has to strengthen its role of pre-emptive disaster prevention.”

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To such backdrop, the government will strengthen the role of private insurance companies to effectively cover victims’ damages in case of massive disasters. The government will improve regulations and insurance policies. Comprehensive disaster insurance system against all risks related to disasters will be introduced. Moreover, insurance companies’ disaster prevention functions will be significantly strengthened.

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“Active participation and support of the private sector is crucial to reinforce the current social safety network.” Chairman Shin said during his speech to the participants. He emphasized that there cannot be any failure when it comes to policies related to the safety and protection of the people. Moreover, he promised the government’s unsparing support to strengthen the insurance sector’s role of preventing disasters.

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