On September 14th, members of the Gyeongbuk Gimcheon City Returning Farmers Association visited farms in Jungsan-myeon affected by the typhoon and were engaged in recovery work.
[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Gyeongsangbuk-do has launched a focused campaign to promote insurance enrollment that can prepare for property damage caused by unexpected natural disasters during the winter season, in connection with the nationwide expansion of the Small Business Owner Wind and Flood Damage Compensation System starting this year.
According to Gyeongbuk Province on the 4th, the Small Business Owner Wind and Flood Insurance, introduced as a pilot program in 2018, is a policy insurance where the government and local governments support part of the insurance premium that the insured must pay.
It provides compensation for damages caused by eight types of natural disasters: typhoons, wind and flood damage, heavy rain, strong winds, wind waves, tidal waves, heavy snow, and earthquakes. The coverage targets include commercial buildings, factory buildings, facilities and equipment, and inventory assets.
In particular, with the nationwide expansion starting this year, insured persons can receive support ranging from 59% to up to 92% of the annual insurance premium. In case of damage caused by wind and flood, commercial stores can receive actual loss compensation up to 100 million KRW, factories up to 150 million KRW, and inventory assets up to 50 million KRW.
For general houses (based on 24 pyeong), the annual average premium is 29,000 KRW, and compensation can be received up to 72 million KRW for total house destruction and up to 5.35 million KRW for flooding. Those wishing to enroll can inquire at their local eup, myeon, or dong offices, or at five private insurance companies (DB Insurance, Hyundai Marine & Fire Insurance, Samsung Fire & Marine Insurance, KB Insurance, NH Nonghyup Property & Casualty Insurance).
Lee Muk, Director of the Disaster Safety Office of Gyeongbuk Province, said, "Although the enrollment rate is not yet high since the Small Business Owner Wind and Flood Insurance was expanded nationwide starting this year, interest among residents in insurance enrollment is increasing due to the concentrated heavy rains and powerful typhoons this summer. We plan to carry out multifaceted promotional activities so that many small business owners can enroll in wind and flood insurance."
Meanwhile, as a result of intensive promotion of the Small Business Owner Wind and Flood Insurance throughout this year, Gyeongsangbuk-do achieved significant results by enrolling a total of 3,809 cases, including 981 cases in Gyeongju City, which suffered great damage from Typhoons Maysak and Haishen, 1,273 cases in Gyeongsan City with a high proportion of small business owners, and 516 cases in Pohang City.
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