Human Rights Management
Korean Re supports human rights protection and respects the guidelines and principles set forth by the UN Human Rights Council, the International Labour Organization, and domestic labor laws.
Our Human Rights Management Declaration and Code of Conduct provide a behavioral code applicable to all stakeholders. It is clearly stated that in the event of a human rights issue, the responsibility and obligation to resolve the problem is imposed on all members, including the top management of Korean Re, so that all members need to take responsibility for diligently resolving and correcting any issue that comes up.
Raising Awareness of Respect for Human Rights
Since 2023, Korean Re has annually conducted a human rights impact assessment survey among internal stakeholders to identify the perceived likelihood and severity of various human rights risks within the company. The assessment also considers stakeholders vulnerable to human rights risks, such as local residents and partner companies. Korean Re plans to continuously strengthen the human rights issue management process to address the significant risk factors identified in all of our future human rights impact assessments.
Korean Re provides human rights education on an annual basis to foster a healthy organizational culture of mutual respect among employees. The education, which is offered to all employees, including those dispatched abroad and locally hired staff, covers topics such as the prevention of workplace and sexual harassment, as well as improving awareness of disabilities.
Human Rights Grievance Channels
Korean Re operates several anonymous channels to protect the human rights of stakeholders and to prevent unjust discrimination. For internal reporting of employee grievances, difficulties, and workplace misconduct, we utilize a system called Sinmungo*, a whistleblowing channel under the direction of the CEO. Recently, we added a grievance check to the regular employee survey on our corporate culture to collect feedback for improving our grievance system.
Based on the latest human rights impact assessment findings, we amended the previous Misconduct Reporting Form into a Compliance Reporting Form. This updated form will serve as a channel for listening to the voices of external stakeholders, as well as employees. The Compliance Reporting Form is available on the Korean Re website for anyone wishing to report human rights violations, such as unfair benefit requests by employees, sexual harassment, gender discrimination, and discrimination against disabled persons. The confidentiality of both the reporter and the report content is strictly maintained. The Compliance Officer and Compliance Team manager must inform the reporter of the investigation results following a fair probe into the reported issue.
Under internal control regulations, Korean Re ensures that information about reports and reporters received through the grievance channels is not disclosed or leaked. It is explicitly stated that reporters will not face any form of personnel disadvantage as a result of filing a report, thereby ensuring the system’s effectiveness.
* The term “Sinmungo” refers to the traditional Korean grievance mechanism, in which the monarch used to handle the grievances of commoners.
Enhancing Corporate Social Responsibility (CSR) Efforts
Korean Re has been continuously undertaking CSR activities in consideration of the social role of the reinsurance business to promote prosperous coexistence between the private sector and society. In particular, to systematically carry out CSR activities, the CEO and executive management take responsibility for managing and supervising the performance of CSR activities. We have also established a decision-making system where a regular CSR Council meeting is held with the CEO and all managing directors in attendance.
Global CSR Activities
As a global reinsurer, Korean Re is dedicated to fulfilling its social responsibility and continuously promotes global CSR activities to make a significant societal impact.
In February 2024, Korean Re dispatched an overseas volunteer team of employees, including new recruits, to rebuild houses for low-income residents living in poor housing conditions in Tangerang, Indonesia. The team assisted in carrying bricks and materials and mixing mortar and plastering, thereby contributing to the reconstruction of homes for families in vulnerable living conditions.
We will continue to support various regions in need through ongoing international projects.
Patronage of Wings Cello Ensemble
In 2017, Korean Re established a mecenat partnership with the Miral Welfare Foundation. Since then, we have sponsored the Wings Cello Ensemble, comprising children and adolescents with developmental disabilities. Our patronage helps them develop their artistic talents, further their dreams, and grow into valued members of society.
Employee Engagement Activities
Korean Re pegs employees’ CSR participation with its credit system to encourage employee participation in the company’s CSR initiatives.
This system awards credits to employees for engaging in job-related self-learning (such as job competency building courses and underwriting communities of practice), in-house training programs, and company task forces, which are then factored into performance evaluations. Employees earn preset credits based on their volunteer hours.
Furthermore, to ensure participation in our Employee Volunteer Service program, we announce the company’s annual CSR activity plans and schedules at the beginning of each year, giving employees the opportunity to schedule their volunteer activities well in advance and at their convenience.
We believe these efforts provide our employees with a wide array of opportunities and motivation to voluntarily participate in social contribution activities. Of particular note, Korean Re has been participating in Habitat for Humanity Korea’s Building Houses of Hope project since 2013. In fact, over that time, it has become our signature program for employee volunteerism.
Fostering Cooperative Labor Relations
At Korean Re, we strive to develop a flexible organizational culture grounded in open communication between the company and our workforce. To achieve this, we are committed to fostering cooperative labor relations. In compliance with all relevant laws, Korean Re guarantees employees’ freedom of association and respects union activities. The union regularly communicates with the company’s top management to address employee grievances and provide input on a wide range of issues.
We also operate a Labor-Management Council on an ongoing basis throughout the year, which is composed of an equal number of representatives from both labor and management (four each). This council actively gathers opinions and concerns regarding the working environment, assesses and identifies areas for improvement in employee rights, and discusses a variety of consultation topics.
Work-Family Balance Policies and Maternity/Paternity Benefits
Korean Re’s cafeteria plan provides employees with subsidies and benefits, serving different needs according to individuals’ respective life stages. These policies are expected to positively impact not only our employees but also society at large, thereby promoting social sustainability. We will continue to introduce diverse policies that support a healthy balance between work and family life.
Marriage Support Program
Korean Re recognizes diverse forms of families in tandem with social and cultural changes. In 2023, we introduced criteria for recognizing common-law marriages, allowing employees in such unions to access the same fringe benefits as their legally married colleagues, such as medical expense subsidies and congratulatory/condolence allowances.
Pregnancy and Childbirth Support Program
In 2022, Korean Re launched its Childbirth Encouragement Program to promote childbirth among its employees and support their healthy balance between work and family life before and after childbirth. The program is designed as a sustainable and ongoing initiative to financially assist employees having children, as well as practical assistance for their childcare.
Korean Re also provides Expecting Mother Gift Bags to pregnant employees. Furthermore, pregnant employees are entitled to a flexible working hour system for their healthy work-life balance. For employees facing infertility issues, we provide support for infertility treatment expenses and related examination fees, along with an additional three days of paid leave annually for infertility treatment. For female employees aged 30 to 45, we offer egg freezing subsidies.
Moreover, we offer a variety of support measures to ensure employees can give birth and raise their children in a more secure environment. These measures include childbirth congratulatory allowances, an Employee Stock Ownership Plan (ESOP) as an incentive for employees with two or more children, medical expense subsidies, and maternity leave before and after childbirth.
Childcare and Education Support Program
Korean Re shares the cost of raising a child with employees through various support programs. Each employee is entitled to one year of parental leave per child. If they choose not to use this leave, they can opt for reduced working hours for up to two years. Additionally, the company provides financial support for employees’ child education across all school levels. For example, employees receive tuition subsidies for their children who are attending high school or university.
We will continue to develop and support an array of other programs to provide more benefits, helping employees maintain a healthy balance between work and family life.
Family-Friendly Corporation Certification
Korean Re was awarded Family-Friendly Corporation Certification by the Ministry of Gender Equality and Family in December 2022 in recognition of its strong commitment to family-friendly policies and support for a healthy work-life balance. This certification reflects our continued efforts to foster a supportive workplace culture and contribute to enhancing national competitiveness. We will stay committed to implementing various initiatives that promote employee well-being and work-life harmony.
Talent Development
To foster globally competitive reinsurance professionals, we provide customized training for each work function to strengthen employees’ core competencies. We also actively encourage employees’ self-development with a variety of supports and incentives for certification prep programs.
At the same time, we offer numerous opportunities for overseas training and language programs to strengthen our employees’ global competitiveness.
Furthermore, to enhance organizational competitiveness and minimize risks associated with the turnover and retirement of key personnel, we have developed individual professional career management programs to systematically operate human resources administration.
Korean Re offers a number of different opportunities to enhance employees’ job expertise through its Core Competency-Building Program. This includes job skills enhancement training, training with field experts, and commissioned training, all delivered through diverse platforms and channels tailored to individual needs. Notably, our certification prep courses support education and exam costs for professional certifications like the Chartered Property Casualty Underwriter (CPCU) and actuary credentials.