Chungnam Supports Crop Disaster Insurance Premiums with 80% to 100% Coverage

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province announced on the 17th that it will invest a total budget of 92.9 billion KRW to support the subscription of crop disaster insurance for 67 items, including apples.

Crop disaster insurance is a policy insurance designed to compensate for damages caused by natural disasters such as unexpected typhoons, heavy rains, droughts in the era of climate crisis, as well as tidal waves and fires, to help stabilize farm income and management.

Insurance subscription can be applied for by visiting the nearest local agricultural cooperatives and item-specific cooperatives. Even if you cultivate items eligible for insurance, the subscription period varies depending on the sowing and harvesting times of each item, so it is essential to check the subscription period for the cultivated crops.

After applying, on-site verification, application form completion, and insurance premium payment must be completed for the insurance policy to be issued.

Last year, the average subscription fee per farm was 1.26 million KRW. The province plans to support 80%-100% of the subscription fee in each city and county. Gyeryong City is the only one to support the full insurance premium, Asan City and Hongseong County support 80%, Cheonan City supports 83%, and the remaining cities and counties support 90%.

In the past five years, natural disasters in the Chungnam region occurred a total of 21 times, averaging 4.2 times per year. During this period, 90,351 farms subscribed to insurance and received support payments, with the total amount of insurance payouts reaching 399.4 billion KRW. This amount corresponds to 113% of the total insurance premiums paid.

Im Seung-beom, Director of the Chungnam Provincial Department of Agriculture, Forestry and Livestock, said, “As weather anomalies become more frequent due to climate change, subscribing to insurance is becoming an essential requirement for stable farming activities,” and added, “We ask for farmers’ interest and participation so that they do not miss the subscription period and can subscribe in a timely manner.”

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