NH Nonghyup Insurance, Fully Committed to Early Payment of Insurance Claims for Disaster-Affected Farms

On the 31st, Lee Seong-hee, Chairman of the National Agricultural Cooperative Federation (NACF), attended the Nonghyup Insurance 'Agricultural Insurance Countermeasure Council' and announced that approximately 110 billion KRW in disaster insurance payments would be promptly provided to farmers enrolled in crop disaster insurance who suffered damage from heavy rains and cold damage before Chuseok. Lee Seong-hee, Chairman of NACF, is delivering a speech at the Agricultural Insurance Countermeasure Council. (Photo by NH Nonghyup Insurance)

[Asia Economy Reporter Changhwan Lee] NH NongHyup Property & Casualty Insurance announced on the 31st that it will promptly pay approximately 110 billion KRW in disaster insurance claims to farms enrolled in crop disaster insurance that suffered damage from heavy rains and cold damage before Chuseok.

At the NH NongHyup Property & Casualty Insurance "Agricultural Insurance Countermeasure Council" held on the same day at the NongHyup Bank conference room in Jung-gu, Seoul, with about 30 attendees including Lee Seonghee, Chairman of the NongHyup Central Association, and heads of agricultural cooperatives, measures for early payment of insurance claims to farms affected by recent heavy rains and ways to increase enrollment rates were discussed.

According to NH NongHyup Property & Casualty Insurance, about 56,000 cases involving horticultural facility crops, chili peppers, paddy crops (rice) damaged by heavy rain, and fruit crops damaged by cold damage, totaling approximately 110 billion KRW, are subject to early payment, and claims filed afterward will also be paid promptly. Generally, disaster insurance claims are paid after the harvest season ends in October.

Chairman Lee Seonghee stated, "It is a necessary time for early payment of insurance claims to support farmers' damage recovery and management stability," and urged, "NH NongHyup Property & Casualty Insurance should make every effort to ensure that insurance claims are paid smoothly before Chuseok."

Choi Moonseop, CEO of NH NongHyup Property & Casualty Insurance, said, "We will devote all our company’s capabilities to swift damage investigation and insurance claim payments," and added, "We will also strive to improve systems reflecting the opinions from the agricultural field to increase enrollment rates in the future."

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