Seoul City Expands Support for 'Agricultural Disaster Insurance Premiums'... Up to 80%

Budget Increased to 100 Million Won

[Asia Economy Reporter Kiho Sung] The Seoul Metropolitan Government announced on the 22nd that it plans to expand support for agricultural disaster insurance premiums, which cover crop damage caused by weather disasters and accidents suffered by farmers during farming activities, so that more farms can benefit. The support method reduces the burden on farms by subsidizing up to 80% of the insurance premiums (national and city funds).

This year, the city has allocated a budget of 100 million KRW for agricultural disaster insurance support, an increase of about 25% compared to last year's 80 million KRW (97.56 million KRW for crop disaster insurance support and 2.44 million KRW for farmer safety insurance). Last year, about 153 farms (farmers) benefited, and this year, about 190 farms (farmers) are expected to receive insurance premium support.

Seoul has 7,031 farming households, including 674 households in Gangseo-gu, the district with the largest number of farms (as of 2021), and the cultivated area covers 940 hectares including rice, vegetables, fruit trees, flowers, and others.

The city emphasized that due to increasingly frequent abnormal temperatures and heavy rains, crop damage is increasing, and farmers exposed to various disasters are not covered by industrial accident insurance, leaving them without protection when sick or injured. Therefore, subscribing to agricultural disaster insurance is the best way to minimize farm losses and secure a social safety net for farmers.

'Agricultural disaster insurance' consists of ‘Crop Disaster Insurance,’ which compensates for crop damage caused by natural disasters, and ‘Farmer Safety Insurance,’ which protects farmers from various diseases and accidents that may occur during agricultural work.

Currently, 50% of the insurance premium is supported by the government (Ministry of Agriculture, Food and Rural Affairs), and the city supports 30% of the premium for ‘Crop Disaster Insurance’ and 10% for ‘Farmer Safety Insurance’ from the remaining premium.

‘Crop Disaster Insurance’ covers 70 insured items including fruit trees (apples, pears, etc.), food crops (rice, sweet potatoes, etc.), vegetables (onions, garlic, etc.), and forest products (chestnuts, jujubes, etc.), with different subscription periods and premiums depending on the item.

‘Farmer Safety Insurance’ is available to any farmer aged 15 to 84, and the premium ranges from 90,000 to 200,000 KRW depending on the product type.

'Agricultural disaster insurance' can be subscribed to at local agricultural cooperatives. Upon application, the local cooperative conducts an on-site investigation to verify that the application documents and farmland information match and decides on insurance subscription. Once the insurance subscription is confirmed, the farm pays only the remaining premium after deducting government and Seoul city subsidies to the local cooperative to complete the subscription. Insurance premium support is on a first-come, first-served basis.

Jung Deok-young, Director of Agricultural and Fisheries Distribution at Seoul City, said, “Due to frequent weather disasters, damage to crops and facilities is increasing, so subscribing to agricultural disaster insurance is an effective way to reduce farm losses and eliminate safety blind spots for farmers.” He added, “We hope many farms and farmers subscribe to agricultural disaster insurance to continue stable agricultural activities.”

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