Korea Tourism Organization Launches First Insurance for Foreign Tourist Urban Guesthouses in Korea

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The Korea Tourism Organization announced on the 9th that it has launched a customized insurance product for foreign tourist city homestay businesses in collaboration with the Foreign Tourist City Homestay Business Association and Hyundai Marine & Fire Insurance.

Foreign tourists dressed in hanbok are touring Seoul and visiting Gyeongbokgung Palace. Photo by Yongjun Cho jun21@

Foreign tourist city homestay business refers to a business that provides lodging and meals to foreign tourists by using houses where urban residents live, allowing them to experience Korean home culture.

The organization planned this insurance launch together with the Foreign Tourist City Homestay Business Association and Hyundai Marine & Fire Insurance, noting that more than 76% of foreign tourist city homestay businesses are not subscribed to commercial fire insurance or commercial liability insurance, and that there are no suitable insurance products for this sector among existing market offerings.

Considering that most foreign tourist city homestay businesses operate in regular houses, Hyundai Marine & Fire Insurance launched the industry's first customized insurance for this sector, and the Foreign Tourist City Homestay Business Association plans to guide and promote insurance subscription to its member companies. All licensed foreign tourist city homestay businesses can subscribe to this insurance.

The Korea Tourism Organization will sign a business agreement on this day with the Foreign Tourist City Homestay Business Association and Hyundai Marine & Fire Insurance to establish an insurance subscription culture in the industry and strengthen lodging safety. According to the agreement, the three parties will cooperate to actively promote the customized insurance for foreign tourist city homestay businesses through briefings and training sessions for prospective entrepreneurs, aiming to establish a safe lodging infrastructure.

Kim Dong-il, Head of the Tourism Industry Division at the Korea Tourism Organization, said, "We expect that the launch of this insurance product will make it easier to provide relief for damages to both foreign tourist city homestay operators and users," adding, "We will continue to strive to establish a safety foundation in the tourism industry through public-private cooperation."

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