Union leaders protest handling of insolvent insurer with hunger strike

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Union leaders protest handling of insolvent insurer with hunger strike

Cornelia Berger Head of Post & Logistics | UNI Global Union

By Sky Industry News

Apr 6, 2025

Leaders of the Korea Financial Services Workers’ Union (KFSWU) and the MG Nonlife Insurance Union have started a hunger strike to protest how financial authorities are managing a troubled insurance provider. The situation threatens the job security of 500 employees at MG Nonlife Insurance.

The Korea Deposit Insurance Corporation (KDIC) and the Financial Services Commission (FSC) had nominated a preferred buyer, but this party withdrew from the sale process on March 13, 2025. Instead of addressing union concerns, authorities established a bridging entity to transfer existing policy contracts to five larger insurance companies.

Brother Kim Dong-jin, head of the KFSWU Non-Life Insurance Division, began the hunger strike in late May. He was later joined by Brother Lee Jae-jin, KFSWU President, and Brother Bae Young-jin, President of the MG Nonlife Insurance Union. Their protest continues outside FSC headquarters in Seoul.

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The KFSWU criticized financial authorities for not restoring MG Nonlife Insurance's financial health over three years or facilitating a sale under normal market conditions. They claim that dismantling the company places undue burden on workers.

Brother Lee expressed optimism about negotiations: “In May 2007, more than 100 union members of KOSCOM workers union went on strike for 475 days in front of the Korea Exchange to struggle for the rights of non-regular workers. At that time, I experienced the victory of direct employment because our union members believed and fought together until the end with a united force. I firmly believe a space for negotiation will surely be opened.”

Brother Bae promised his commitment: “I make a clear promise to my comrades that I will never be shaken so that our union members can achieve the desired results.”

Rajendra Acharya, UNI Asia & Pacific Regional Secretary, reiterated support for their cause and stated that these issues would be discussed at an upcoming meeting in Colombo, Sri Lanka.