Jeju-si, Full Effort to Expand Subscription to Wind and Flood Damage Insurance

Support of 14.8 Million Won for 4 Households Affected by Typhoons Maysak and Haishen

[Asia Economy Honam Reporting Headquarters Reporter Park Chang-won] Jeju City announced on the 26th that it is promoting a social contribution project jointly with public institutions and organizations targeting houses to expand enrollment in the Ministry of the Interior and Safety's policy 'Fengshui Disaster Insurance' to protect citizens from wind and flood disasters.

This project supports 100% of the self-pay for basic livelihood security recipients and near-poverty groups living in detached houses when subscribing to wind and flood disaster insurance, and supports 50% of the self-pay for island areas such as Chuja and Udo, low-lying habitual flood areas, and disaster risk zones for three years.

Fengshui Disaster Insurance has been in effect since 2006, with more than half (53%) of the insurance premium for houses and other facilities subsidized by the national and local governments, and sold by private insurance companies.

It mainly provides insurance payouts for damages caused by typhoons, floods, strong winds, heavy rain, wind waves, heavy snow, earthquakes, etc., such as breakage and flooding.

The insurance payout benefits for a detached house based on 80㎥ are up to 72 million KRW for total destruction, 36 million KRW for half destruction, 18 million KRW for partial destruction, and 5.45 million KRW for flooding.

As of the end of last month, enrollment in Fengshui Disaster Insurance was 4,960 cases, an increase of 34.3% (1,702 cases) compared to 3,258 cases in December last year.

A city official said, “We are currently reviewing insurance payments for 19 households that suffered wind and flood damage from Typhoon Maysak (No. 9) and Typhoon Haishen (No. 10), and among them, we will support 14.8 million KRW for four confirmed households of basic livelihood security recipients and near-poverty groups to ensure prompt recovery,” adding, “We plan to strengthen promotion of Fengshui Disaster Insurance enrollment to enable rapid recovery and minimize citizens' damage in case of wind and flood disasters.”

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