"Livestock Disaster Insurance, Get Premium Support and Enroll Now!"

50% Insurance Premium Self-Payment with 25% Replaced by Local Government Support

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do supports livestock disaster insurance premiums to stabilize the management of livestock farms in case of livestock damage caused by various accidents and diseases.

The livestock disaster insurance premium support ratio is 50% national funding and 50% self-payment, but Gyeongnam Province supports 25% of the self-payment.

Accordingly, farmers only need to pay 25% of the insurance premium. Local government funds support up to 2 million KRW per farm within the budget.

This year's project budget is a total of 7.1 billion KRW, consisting of 3.5 billion KRW national funding, 700 million KRW provincial funding, 1.1 billion KRW city/county funding, and 1.8 billion KRW self-payment, which is 500 million KRW (7.6%) more than last year's 6.6 billion KRW.

The livestock eligible for insurance includes 16 types: cattle, pigs, horses, and eight types of poultry (chicken, duck, pheasant, quail, turkey, ostrich, goose, ornamental birds), and five other livestock (deer, sheep, honeybees, rabbits, badgers). Livestock housing facilities where animals are raised can also be insured.

The coverage compensates within the insured amount limit as follows: cattle 60-80% of the loss amount, deer and sheep 80%, poultry 60-95%, pigs 80-95%, honeybees, rabbits, and badgers 95%, and livestock housing fire 100%.

Insurance enrollment is available year-round, and the insurance period is one year from the enrollment date.

Farmers wishing to enroll can do so with a single visit to one of five general accident insurance companies nearby: NH Nonghyup Insurance, KB Insurance, Hanwha Insurance, DB Insurance, and Hyundai Marine & Fire Insurance.

Meanwhile, through last year's livestock disaster insurance support project, 1,920 farms and 12,823,000 animals were enrolled in livestock disaster insurance.