Baemin Supports Flood and Windstorm Insurance Premiums for 10,000 Busan Area Merchants

Busan City and Hyundai Marine & Fire Insurance Join Hands to Support Small Business Owners in Signing Up for Flood and Windstorm Insurance

[Asia Economy Reporter Kim Cheol-hyun] Baedal Minjok is stepping up to support flood and typhoon insurance premiums to reduce the damage suffered by restaurant owners due to natural disasters such as typhoons and floods. This aims to lower the barriers for small business owners hesitant to purchase insurance due to their store circumstances and to enhance the stability of store operations exposed to natural disasters.

Woowa Brothers, the operator of Baedal Minjok, announced on the 14th that as the start of their flood and typhoon insurance subscription support project for small business owners, they will fully cover the annual insurance premiums for 10,000 small restaurant business owners in the Busan area.

Flood and typhoon insurance is a policy insurance managed by the Ministry of the Interior and Safety and operated by private insurance companies. The government and local governments cover 70-92% of the insurance costs (varying by local government), and the remaining 8-30% is borne by the subscriber. In cases where compensation reaches up to 90 million KRW, the subscriber's burden for small business owners in Busan averages about 30,000 KRW per year, making it affordable; however, the insurance's reach is limited, resulting in low subscription rates. In fact, last year, the total number of flood and typhoon insurance subscriptions among small business owners in Busan was about 2,300 cases.

Woowa Brothers partnered with Hyundai Marine & Fire Insurance for this flood and typhoon insurance support project and applied insurance conditions specialized for small restaurant business owners. Compared to before, the damage compensation limit increased by 5 million KRW from 85 million KRW to 90 million KRW, and the amount small business owners pay in case of an accident was lowered to 200,000 KRW, the industry's lowest level.

This insurance premium support is being conducted on a first-come, first-served basis for small restaurant business owners in the Busan area. The subscription period is until the 30th of next month, and the insurance coverage period is one year from May 1 to April 30 of the following year.

Kwon Yong-gyu, Head of the Value Management Office at Woowa Brothers, said, "In the case of flood and typhoon disasters, the scale of damage when they occur is large, but awareness of flood and typhoon insurance is lacking, and the subscription barriers are high, so the actual subscription rate is not high." He added, "We will support more stable store operations by conducting nationwide flood and typhoon insurance support through consultations with local governments within this year."

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