Insurance Companies Provide Consecutive Support Funds for Earthquake Damage in Turkey

Kyobo Life, Hyundai Marine & Fire, Korean Re, AXA General Insurance, and Others Provide Consecutive Support

[Asia Economy Reporter Minwoo Lee] Domestic insurance companies have delivered relief funds to the T?rkiye-Syria region, which suffered massive damage from a strong earthquake.

According to the industry on the 16th, Kyobo Life Insurance donated 200 million KRW in relief funds to the Korean Red Cross the day before to aid in the recovery from the T?rkiye-Syria earthquake damage. This amount was raised by combining voluntary donations from Kyobo Life employees and company contributions.

Hyundai Marine & Fire Insurance also donated $100,000 (approximately 128.4 million KRW) through the United Nations High Commissioner for Refugees (UNHCR) for earthquake damage recovery and emergency relief for affected children. Korean Reinsurance Company also delivered the same amount of $100,000 through the Korean Red Cross.

AXA General Insurance delivered emergency relief funds raised through a fundraising campaign conducted over six days from the 8th to the 13th among AXA General Insurance employees, along with matching funds from AXA General Insurance, through the UNICEF Korea Committee. They plan to conduct fundraising activities targeting employees worldwide and establish a group-level fund to support disaster victims in T?rkiye and Syria.

The Life Insurance Social Contribution Committee, a social contribution organization jointly established by life insurance companies, also delivered 50 million KRW in support funds for the recovery from the T?rkiye earthquake through the Korean Red Cross. The relief funds will be used to support earthquake victims with emergency relief supplies, food, and shelter.

Earlier, on the 6th, a magnitude 7.8 earthquake occurred about 33 km from Gaziantep, a city in southern T?rkiye. This is the strongest earthquake recorded in T?rkiye since December 1939. Hundreds of aftershocks have continued since then, causing massive casualties in neighboring countries Syria and T?rkiye. The reported death toll in both countries has surpassed 41,000.