NH Nonghyup Insurance Sells Crop Disaster Insurance for Apples, Pears, and More

[Asia Economy Reporter Oh Hyung-gil] NH Nonghyup Property & Casualty Insurance announced on the 13th that it will sell crop disaster insurance. The first eligible crops for enrollment are four types of fruit trees: apples, pears, sweet persimmons, and astringent persimmons, and enrollment is open until February 28.

The insurance covers various disasters including typhoons, hail, earthquakes, fires, as well as frost damage such as snowflake damage caused by cold and frost, and sunburn damage (sunscald). Depending on the need, some of the covered disasters can be excluded (partial coverage).

Starting this year, NH Nonghyup Property & Casualty Insurance has newly introduced five items?adzuki beans, apricots, spinach, barley, and walnuts?expanding the number of insured disaster items to 67.

The government supports 40-60% of the insurance premium depending on the self-pay ratio, and local governments provide 15-40% support depending on the support rate. Additionally, farms with no accidents last year can receive a 5% discount on the insurance premium.

An official from Nonghyup Property & Casualty Insurance said, "It is essential to prepare for frequent natural disasters such as typhoons and abnormal low temperatures," adding, "We will do our best to help more farmers prepare for disaster risks through crop disaster insurance."

This content was produced with the assistance of AI translation services.