Starting from the 24th, Paddy Crop Disaster Insurance Enrollment Begins... New Enrollment Period for Powdered Rice Introduced This Year

General Rice Regional Nonghyup Membership Open Until June 23
Expansion of Insurance Payouts for Transplanting and Direct Seeding Failures, Relaxation of Low Self-Payment Rate Product Enrollment Criteria

Starting from the 24th, rice crop disaster insurance enrollment will begin at regional agricultural cooperatives nationwide. General rice can be insured until June 23, while Garussal, which has a later planting season, can be insured until July 7, two weeks later.

The Ministry of Agriculture, Food and Rural Affairs announced on the 23rd that the sale of rice crop disaster insurance will commence this year. Rice disaster insurance is a system that pays insurance benefits in case of damage caused by natural disasters such as typhoons, droughts, and heavy rains to stabilize farmers' management. This year, the insurance period for Garussal was newly established separately through insurance improvements. The insurance coverage for transplanting/direct seeding failure has been expanded, and the enrollment criteria for low self-pay ratio products have been relaxed. The transplanting/direct seeding failure insurance can be enrolled until May 12.

In 2022, about 267,000 farms enrolled in rice disaster insurance, and 55,000 farms that suffered damage from heavy rain and typhoons received a total of 128.8 billion KRW in insurance payouts. If farmers subscribe to the pest and disease special contract, damages caused by seven types of pests and diseases are also covered. The government supports 41% to 60% of the insurance premiums to reduce the burden on farmers.

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The government has increased the transplanting/direct seeding failure insurance payout, which is provided when planting cannot be done due to drought, from 10% to 15% of the insured amount. Additionally, the enrollment criteria for low self-pay ratio products, which were previously only available to high-quality farms, have been relaxed to allow more farms to enroll.

An official from the Ministry of Agriculture, Food and Rural Affairs explained, “We plan to enhance the satisfaction of farmers enrolled in rice disaster insurance by providing real-time notifications via text messages about the insurance payout processing procedures and progress to farmers who report disaster damage during the rice harvest season. Furthermore, if farmers have objections to the damage assessment results or re-investigation results, we have established procedures for filing appeals.”

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