Gyeonggi-do Addresses Disaster Insurance Gaps... Introduces Nation's First "Insurance Gifting" System

Gyeonggi-do will introduce, for the first time in the nation, an "insurance gifting" system that allows individuals to purchase wind, flood, and earthquake disaster insurance on behalf of family or acquaintances.

Wind, flood, and earthquake disaster insurance is a policy-based insurance product that provides coverage for damages caused by natural disasters such as typhoons, heavy rains, and earthquakes, with the government subsidizing a portion of the premiums.

Currently, seven insurance companies offer this product: DB Insurance, Hyundai Marine & Fire Insurance, Samsung Fire & Marine Insurance, KB Insurance, NH Insurance, Hanwha General Insurance, and Meritz Fire & Marine Insurance.

Unlike auto insurance, which allows one to purchase a policy for someone else, wind and flood insurance requires the policyholder to enroll directly. This has led to ongoing concerns that residents who have difficulty accessing digital services, such as the elderly, may be excluded from disaster insurance coverage.

Gyeonggi-do Earthquake and Flood Insurance Subscription Support Program Poster

In response, starting June 9, Gyeonggi-do will implement a system allowing others to enroll on behalf of someone else for Meritz Fire & Marine Insurance products. In addition, the province will launch a large-scale "insurance gifting" campaign through official social media channels, apartment media boards, and G-Bus platforms.

Furthermore, Gyeonggi-do plans to propose to the Ministry of the Interior and Safety that other insurance companies also introduce systems enabling enrollment on behalf of others.

Kim Sungjung, Gyeonggi-do's First Vice Governor for Administration, stated, "Wind, flood, and earthquake disaster insurance is an important policy that protects residents' lives from disaster damages," and added, "We will build a system that allows people to gift safety on behalf of others, creating an environment where all residents can benefit from insurance coverage."

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