The life insurance industry has kicked off its social service activities with the Life Insurance Social Service Committee presenting 12 cars to social welfare institutions at a ceremony held at Han River Park in Yeouido, Seoul, on July 17, the Korea Life Insurance Association (KLIA) said recently.

Chairman Kim Gyu-bok of the association said it is critical for businesses to fulfill its social responsibility for the sound development society and the sustainable growth of businesses and industry.

The life insurance industry has long been making efforts to find ways to fulfill social responsibilities both from the standpoint of individual firms and by the industry as a whole.

In 2007, the industry decided to collect 1.5 trillion won in funds over the next 20 years to be used for various social services in the name of the life insurance industry and has so far collected 151 billion won, which has been used to support various social activities.

The funds were given to the Life Insurance Social Contribution Foundation, the Life Insurance Social Contribution Fund, and the Life Insurance Social Service Contribution Committee so that the funds can be provided to support various social service activities and events.

The funds have been provided to bath cars for children, mobile laundry cars, wheel chair lift cars, and cars for senior citizens’ transportation °™ 73 vehicles in total; children’s houses; support for various scholarships from primary, middle, and high schools, as well as to colleges, including colleges with majors in insurance; among others.

Most recently, 20 billion won in funds have been set aside to support college students’ registration fees, especially those college students who had to pay high interest rates on their loans to pay their college expenses.

The recent donation of vehicles has been made based on requests from local governments to welfare institutions and it was the first time that 12 vehicles were donated at once, including five wheelchair lift vehicles and seven with special doors enabling senior citizens to get in and out of the cars easily.

Chairman Kim said at the ceremony to hand over the vehicles, “Social services are made for those people in tough times, the same as life insurance products are based on the human spirit of helping each other in difficult times.” He said he hoped the vehicles will help those most in need.

The KLIA was established in 1950 as a non-profit corporation and has remained committed to promoting common benefits for its member companies and maintaining market discipline. 

In addition, it has contributed to the development of the life insurance culture. The KLIA has 22 life insurers as full members and two associate members.

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 a core industry armed with global competitiveness and a universal banking insurance function through the spread of a sound life insurance culture, a future-oriented and advanced system, and continuous product development.