Premium Assistance for Wind and Water Damage Insurance Available to Vulnerable Residents in Busan

- HF signs an agreement with the City of Busan, Global FinTech Industry Promotion Center, and Busan Finance Center

As early as July, assistance will be available for out-of-pocket premium expenses for wind and water disaster insurance* for vulnerable households and small businesses in Busan.

 *  In case of property damage to residences, commercial establishments, etc., caused by natural disasters such as typhoons and floods, this insurance provides compensation for damages, with a portion of the insurance premium subsidized by both the central and local governments.

Korea Housing Finance Corporation (HF, CEO Choi Joon-Woo) announced on June 22, 2023, that it has signed an agreement with the City of Busan (Mayor Park Hyung-Jun), Global FinTech Industry Promotion Center (FINPC, Chairman Kwon Ki-Ryong), and Busan Finance Center (BFC, President Kim Jong-Hwa) on the ‘ESG Project for Community Wind and Water Insurance Support' as part of their combined ESG efforts <see image below>.

Under the agreement, HF, in conjunction with the partnering organizations, will ▲ assist with wind and water damage insurance premiums for vulnerable individuals and small businesses in Busan, ▲ enhance awareness campaigns to prevent and mitigate wind- and water-related damages, and ▲ promote public understanding on wind and water damage insurance. 

An HF official commented, "This collaboration aims to not only mitigate wind and water damage for at-risk residents and small businesses in Busan but also offer tangible assistance by subsidizing premiums when they purchase wind and water damage insurance.”

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On the 22nd, HF signed the Agreement on Mutual Cooperation for the “ESG Project for Community Wind and Water Insurance Support” with the City of Busan, Global FinTech Industry Promotion Center, and Busan Finance Center at the Busan International Finance Center in Nam-gu, Busan. 

(From left) Park Young-Ho, Head of Financial Policies at Busan Finance Center; Sohn Seong-Eun, Director of the Financial Entrepreneurship Policy Office for the City of Busan; Lee Chul-Woo, Head of Planning and Coordination at Korea Housing Finance Corporation; and Sohn Gook-Ho, Director of the Global FinTech Industry Promotion Center, took a commemorative photo after signing the agreement.