Woowa Brothers Expands Nationwide Support for Flood and Windstorm Insurance for Small Food Service Businesses

Expansion of Flood and Windstorm Insurance Support Project Nationwide Following Busan, Jeju, Jeonnam, Gangwon, and Gyeonggi
Full Coverage of Insurance Subscription Fees for Up to 60,000 Small Food Service Businesses Nationwide

[Asia Economy Reporter Kim Cheol-hyun] Baedal Minjok is expanding its support for insurance premiums of flood and windstorm insurance nationwide, which compensates store owners who suffer damage due to disasters such as typhoons and floods. Woowa Brothers (CEO Kim Beom-jun), the operator of Baedal Minjok (hereafter Baemin), announced on the 5th that it will expand the flood and windstorm insurance support project, which had been conducted since this spring targeting small restaurant business owners in some local governments, to the entire country and start accepting applications.

Flood and windstorm insurance is a policy insurance that provides compensation when damage occurs due to natural disasters such as typhoons, floods, and strong winds. The government and local governments cover 70-90% of the insurance premium, and the remaining portion is paid by the subscriber. Although the insurance premium itself is relatively inexpensive, costing tens of thousands of won annually, the actual subscription rate has been low due to unfamiliarity or lack of awareness about the insurance itself.

Accordingly, Baemin has been expanding the base of flood and windstorm insurance and ensuring that restaurant business owners can properly receive compensation for any unforeseen damage by conducting a flood and windstorm insurance premium support project since March. Baemin covers the entire insurance premium (the portion borne by small business owners) incurred when subscribing to the insurance, allowing owners to subscribe to flood and windstorm insurance free of charge. Since March, a total of about 9,600 small business owners have subscribed to the flood and windstorm insurance support project conducted by Baemin in Busan, Jeju, Jeonnam, Gangwon, Gyeonggi, and other regions, with the support amount reaching 300 million won.

Baemin is expanding the insurance support nationwide this time and increasing the number of small business owners eligible for subscription support to up to 60,000. Any owner operating a restaurant business can apply. The compensation limit ranges from 50 million won to a maximum of 90 million won, depending on the insurance subscription support budget of each local government. Kwon Yong-gyu, Head of Value Management at Woowa Brothers, said, "Many small business owners have suffered difficulties due to the heavy rain damage this summer, and there have been cases where Baemin's flood and windstorm insurance subscription support project prevented significant losses," adding, "Through this nationwide support, we will help more owners avoid major damage even in unexpected situations."