'20% Self-Payment for Insurance Enrollment'... Gangwon-do Supports 'Livestock Disaster Insurance Premiums' with Local Government Funds

Targeting 16 Livestock Species and More... Insurance Premium Support of 2.4 Billion Won

Gangwon Provincial Government

[Asia Economy Reporter Ra Young-cheol] Gangwon Province announced on the 8th that it will support 2.4 billion KRW of local government budget for insurance premiums of livestock farmers who subscribe to livestock disaster insurance products sold by insurance providers.

Livestock disaster insurance is promoted in connection with government-supported projects under the 'Agriculture and Fisheries Disaster Insurance Act.' Farmers can subscribe to the insurance by paying 20% of the cost themselves, excluding 50% national funds and 30% local funds, and receive benefits.

The insurance coverage targets 16 types of livestock (so, mal, dwaeji, dak, ori, ggweong, mechuri, chil-myeonjo, tajo, geowi, gwansangjo, saseum, yang, kkul, tokki, oso-ri) and livestock housing buildings and auxiliary facilities (water supply and drainage facilities, feeders, milking machines, etc.), providing protection against damages caused by wind, water, snow, fire, earthquake, disease, and more.

The insurance providers are five non-life insurance companies: NH Nonghyup, KB, Hanwha, DB, and Hyundai Marine & Fire Insurance.