10.8 Billion KRW in Weather Disaster Insurance Claims Filed Last Month Scheduled for Payment

Essential Preparations for Natural Disasters Such as Heavy Snow and Strong Winds

[Asia Economy Reporter Kiho Sung] The Ministry of the Interior and Safety announced on the 20th that 119 claims for wind and flood damage insurance were filed by greenhouses and small business stores during December due to heavy snow and strong winds this winter, with approximately 1.08 billion KRW in insurance payments expected to be made.

Wind and flood damage insurance is a policy insurance managed by the Ministry of the Interior and Safety, where the government supports more than 70% (up to 100%) of the insurance premium, compensating for property damage caused by nine types of natural disasters including typhoons and heavy rain.

The eligible facilities for subscription include houses (detached and multi-family), agricultural and forestry greenhouses (including vinyl greenhouses), and stores and factory buildings operated by small business owners (including facilities, machinery, and inventory assets installed inside the buildings). Both facility owners and tenants (lessees) can subscribe.

Subscriptions are available year-round by contacting one of seven private insurance companies or through the website, with only the personal insurance premium share (0% to 30% of the total premium) to be paid.

The subscription rate for wind and flood damage insurance has steadily increased over the past three years. In the past year alone, 530,454 houses (an 8.9% increase from the previous year), 3,893 hectares of greenhouses (a 27.4% increase), and 196,414 small business stores and factories (a 585.4% increase) were subscribed.

The Ministry of the Interior and Safety has prepared the '2023 Wind and Flood Damage Insurance Business Promotion Plan (Draft)' to ensure solid project implementation this year.

Minister Sangmin Lee of the Ministry of the Interior and Safety stated, “As large-scale natural disasters are occurring frequently, voluntary subscription to wind and flood damage insurance is essential to minimize the burden on citizens in case of damage.” He added, “Please prepare in advance not only for heavy snow this winter but also for typhoon and heavy rain damage in the summer through wind and flood damage insurance.”

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