Seoul City Provides Up to 92% Support for 'Fengshui Disaster Insurance Premiums' for Vulnerable Groups and Small Business Owners

Reducing Small Business Insurance Premium Burden from 41% to 20%

[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government announced that starting from the 1st, it will provide additional support ranging from 4.6% to 21.0% depending on the target group to reduce the burden of flood and wind disaster insurance premiums for basic livelihood security recipients, near-poverty groups, and small business owners in 25 autonomous districts.

Flood and wind disaster insurance is a policy insurance supported by the national and local governments to cover the insurance premiums that policyholders must pay, enabling them to cope with unexpected natural disasters such as typhoons, heavy rain, strong winds, heavy snow, and earthquakes.

In particular, from this year, as flood and wind disaster insurance for small business owners is being expanded nationwide, small business owners receive 80% support for the insurance premiums from the national and local governments, paying only 20% of the total insurance premium, allowing them to cope with unexpected natural disasters at a lower cost than general insurance.

Additionally, near-poverty groups and basic livelihood security recipients have an individual burden of 8%, with local governments providing additional support of 15.4% and 4.6% of the insurance premium respectively, ensuring compensation in the event of natural disasters.

For subscription to flood and wind disaster insurance and detailed information, inquiries can be made through the local community service center or insurance companies in the area of residence.