Restore Greenhouses Damaged by Typhoons with 'Pungsuhae Insurance'!

Government Support Over 70%, Gyeongnam Province Encourages Enrollment

Gyeongnam Provincial Government. / Photo by Se-ryeong Lee ryeong@

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do has stepped up efforts to encourage enrollment in flood and windstorm insurance that covers damages from natural disasters such as typhoons, earthquakes, and heavy rain.

Flood and windstorm insurance covers damages caused by natural disasters including typhoons, floods, heavy rain, strong winds, windstorms, tidal waves, heavy snow, and earthquakes for houses, greenhouses, and small business owners' factories and stores.

It is a policy insurance subsidized by the Ministry of the Interior and Safety, Gyeongnam Province, and city and county governments to cover part of the insurance premiums individuals must pay, and all residents of the province can enroll.

An official from the province explained, "When damage occurs due to natural disasters, the government provides disaster relief funds, but the conditions for receiving them are strict, and the actual support amount is small, which is insufficient for recovery costs," adding, "This is because the budget is limited and disaster relief funds cannot be provided as desired."

To overcome these issues, the government has implemented the flood and windstorm insurance system, supporting more than 70% of the insurance premiums.

Individuals only need to pay about 30% of the premium and can receive compensation for damages if they suffer losses from natural disasters later.

According to the province, the compensation amount varies somewhat depending on the enrolled area, size, and insurance product.

For example, if one enrolls in a 90% coverage product for a house of 80㎡, the annual flood and windstorm insurance premium is 50,000 KRW, but the government supports 35,000 KRW, so the individual only pays 15,000 KRW per year.

If the insured event covered by the flood and windstorm insurance occurs during the enrollment period, the maximum insurance payout can be up to 72 million KRW.

Gyeongsangnam-do announced that it initially prepared a budget of about 150 million KRW earlier this year but increased it to 370 million KRW due to the high popularity of flood and windstorm insurance.

Currently, the budget is being rapidly depleted, with about 30% remaining as of July.

Consultations and enrollment for flood and windstorm insurance can be done at the resident autonomy centers in towns, townships, and neighborhoods within Gyeongnam Province or through DB Insurance, Hyundai Marine & Fire Insurance, Samsung Fire & Marine Insurance, KB Insurance, NH Nonghyup Property & Casualty Insurance, and Hanwha General Insurance.

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