"Free Enrollment for Small Business Flood and Windstorm Insurance"... KakaoPay Partners with Seoul City

Up to 30,000 People Expected to Benefit

[Asia Economy Reporter Minwoo Lee] Kakao Pay is providing flood and windstorm insurance free of charge to small business owners in Seoul to prepare for natural disasters.

On the 15th, Kakao Pay announced that it will start this support in partnership with the Seoul Metropolitan Government. Kakao Pay will accept applications for flood and windstorm insurance subscriptions through its platform, and Seoul will fully cover the deductible (10,000 to 40,000 KRW) incurred when small business owners located in Seoul subscribe to the insurance. Flood and windstorm insurance is a national policy insurance designed to support property damage caused by natural disasters such as typhoons, floods, strong winds, wind waves, heavy snow, and earthquakes.

The target beneficiaries are small business owners operating lodging, food service, wholesale, and retail businesses in Seoul. With a budget of 300 million KRW allocated, it is expected that up to 30,000 people can benefit from this program.

By subscribing to this insurance, businesses can receive compensation up to 50 million KRW each for ‘facilities and fixtures’ and ‘inventory assets,’ with a maximum total coverage of 100 million KRW. In the event of unexpected property damage caused by natural disasters, the insurance payout can be used to restore the business premises, thereby reducing the financial burden on small business owners.

Those interested can select ‘Flood and Windstorm Insurance’ from the overall service screen of the KakaoTalk and Kakao Pay applications to check eligibility and apply. A Kakao Pay representative said, "We collaborated with the Seoul Metropolitan Government to make it easier for small business owners to subscribe to and prepare for flood and windstorm insurance," adding, "We will continue to explore and develop various measures to coexist with small business owners."