The Korea Life Insurance Association Social Contribution Committee donated 23 billion won to the Life Insurance Social Contribution Foundation, at a ceremony held on Feb. 4 at the Life Insurance Education Cultural Center in downtown Seoul.
Co-Chairman Lee Soo-chang of the committee said he will see that the donated funds go where help is absolutely needed so that isolated people could feel the warmth of the organization’s affection.
Of the donated money, 8 billion won will be given to 56 social welfare and joint benefactor organizations and economically disadvantaged people. Another 8 billion won will go to the Life Insurance Social Contribution Foundation to be used to build children’s houses, education facilities for children, projects to prevent suicide and people with incurable diseases. Seven billion won will be used to help senior citizens prepare for their lives after retirement and financial insurance education projects.
Those present at the ceremony included Chairman Lee Jae-hoon of the Green Umbrella Children Foundation, Chairman Kim Seong-soo of the Social Connection Bank, 12 heads of social welfare and public interest organizations and executives of life insurance firms.
The Life Insurance Social Contribution Foundation has been in operation since 2007, with funds donated by members, which are life insurance firms in Korea. Donations total some 243.7 billion won so far this year.
The Korea Life Insurance Association (KLIA) was established in 1950 as a non-profit corporation and has remained committed to promoting common benefits for member companies and maintaining market discipline. In addition, it has contributed to the development of life insurance culture. KLIA has 22 life insurers as full members and 2 associate members, Korean Re and IBK Pension Service.
Momentum for the growth of the life insurance industry in Korea was established in the 1960s when the Insurance Business Law was enacted and savings campaigns for Korean citizens were implemented. Steps to deregulate the insurance industry were taken in the mid-1980s, allowing new companies into the Korean market. In the 1990s, the World Trade Organization was formed and Korea joined the OECD, accelerating the nation's globalization and deregulation drive. In the 2000's, life insurers enhanced financial strength and competitiveness by achieving management innovation, improved financial structure, and introduced advanced systems for international conformity.
They are making forays into foreign markets including China and India. The Korean life insurance industry recorded 89 trillion won in annual premiums received and 497 trillion won in total assets as of the end of March 2012, making it the world's eighth largest.
In step with ongoing market trends toward specialization and diversification, the KLIA pledges its upmost efforts to contribute to developing the life insurance industry into the core industry armed with global competitiveness and universal banking insurance function through the spread of sound life insurance culture, future-oriented and advanced system and product development.
Major functions of KLIA:
- Support and improve life insurance policies and system
- Research existing insurance laws and statutes and offer suggestions for revising them investigate short and long-term tasks for developing the life insurance industry
- Provide information related to the domestic and foreign insurance and financial market
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