Fire Insurance enhancing the preventive and compensatory function of insurance

In the light of the occurrence of natural catastrophes involving huge human and material losses from continued fierce heats and heavy rainfalls due to abnormal climatic phenomena, the Workers’ Party of Korea importantly stressed a need for all sectors and units of the national economy to take concrete measures to overcome the influence of catastrophic weather and climate

While each sectors and units are undertaking the work in a revolutionary way to prevent losses from catastrophic weather and climate, regarding it as an important matter of political nature to implement a decision of the 8th Party Congress to the letter and taking active measures, Korea National Insurance Corporation is also aggressively working to ensure the production normalization in various sectors of the national economy by strengthening a preventive and compensatory function of its Fire insurance line that covers the losses caused by fire and natural catastrophes.

The KNIC is also making positive efforts to enhance the risk management level of insured clients by offering the recommendations for loss prevention after its site risk assessments in association with them.

Following the losses of and damages to the insured objects under its Fire insurance account from the heavy rainfalls and floods that occurred in the northern regions of the country in August this year, the Corporation  promptly surveyed the losses at sites and is working to pay quickly the insurance compensation to the affected customers.