Chungbuk Supports Flood and Windstorm Insurance Enrollment for Vulnerable Groups Through Donation Methods

[Asia Economy (Chungbuk) Reporter Jeong Il-woong] Chungbuk Province will support flood and windstorm insurance premiums for households such as basic livelihood security recipients, near-poverty class, and disaster-vulnerable areas through third-party donations.

On the 13th, the province announced that it will sign a third-party donation agreement for flood and windstorm insurance with eight organizations, including the Korea Gas Safety Corporation.

The participating organizations and donation amounts are as follows: ▲Chungbuk Economic Forum 20 million KRW ▲Korea Construction Association Chungcheongbuk-do Chapter 10 million KRW ▲Korea Specialty Construction Association Chungcheongbuk-do Chapter 10 million KRW ▲Korea Women Entrepreneurs Association Chungbuk Branch 12 million KRW ▲Korea Land and Housing Corporation Chungbuk Regional Headquarters 5 million KRW ▲Korea Gas Safety Corporation 3 million KRW ▲Korea Rural Community Corporation Chungbuk Regional Headquarters 3 million KRW ▲Chungbuk Development Corporation 3 million KRW.

In addition to these organizations, the province received 1 million KRW each from the Korea Credit Guarantee Foundation, Chungbuk Institute of Science and Technology Innovation, and Chungbuk Provincial Government Employees' Labor Union. Including these, the total donation amount is 69 million KRW, which the province plans to designate and entrust to the Korean Red Cross.

A total of approximately 44,900 households will receive support for flood and windstorm insurance premiums through third-party donations. These households will be able to enroll in flood and windstorm insurance free of charge.

The province is implementing this third-party donation method for the first time this year. The third-party donation system was originally introduced by the Ministry of the Interior and Safety in 2019.

Through third-party donations, the province expects to raise the flood and windstorm insurance subscription rates in the region to 40% for houses (47,756 cases), 30% for greenhouses (322.4 hectares), and 3% for small business owners’ shops and factories (347 cases).

Last year’s subscription rates were somewhat low: 8.3% for houses (9,621 cases), 13.2% for greenhouses (134.9 hectares), and 0.9% for small business owners’ shops and factories (334 cases). Because of this, residents who suffered damage from concentrated heavy rains in July and August and typhoons in September had difficulties with recovery.

Chungbuk Governor Lee Si-jong said, “I express my heartfelt thanks to each organization that stepped forward to donate under difficult conditions due to COVID-19,” and added, “The province will strive to ensure that more vulnerable groups can benefit from third-party donations in the future.”

Meanwhile, flood and windstorm insurance is a national policy insurance implemented nationwide in 2008. The covered disasters include eight types: typhoon, flood, heavy rain, strong wind, storm surge, tidal wave, heavy snow, and earthquake (including tidal wave). Anyone who owns or rents a house or greenhouse, or owns a shop or factory as a small business owner, can subscribe.

Typically, 70% to 92% of the total insurance premium is supported by the government and local governments. Through this, the annual insurance premium for a house of 100㎡ is set at an affordable rate of around 4,000 KRW.

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