Gangwon-do Promotes Intensive Enrollment in 'Fungsuhae Insurance' in the First Half of the Year

Houses, Greenhouses, Small Business Stores, and Factories at High Risk of Disaster Damage

Gangwon Provincial Government

[Asia Economy Reporter Ra Young-cheol] Gangwon Province has decided to encourage subscriptions to flood and windstorm insurance in the first half of this year to prepare for disaster damage such as floods and windstorms affecting residents.

According to the province on the 7th, there are plans to expand insurance subscriptions for houses and greenhouses located in high-risk areas such as collapse-prone zones, landslide-vulnerable areas, tsunami risk zones, and regions with frequent heavy snowfall, as well as for small business owners (shops and factories).

Since last year, the province and the Korean Red Cross (Gangwon branch) have jointly secured third-party (private and public organizations) social contribution funds to cover the self-pay portion of flood and windstorm insurance premiums for houses (including owners and tenants) in disaster-vulnerable areas, supporting them to receive actual compensation in case of flood and windstorm damage.

For houses in disaster-vulnerable areas, the full cost is supported (67.4% national funds, 7.4% provincial funds, 17.2% city/county funds, 8% social contribution funds).

Yoo Myung-hwan, Director of Disaster Safety Office, said, "If the province and the 18 cities and counties work together to expand flood and windstorm insurance subscriptions, it will greatly help disaster victims overcome the disaster."

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