Daejeon City Supports 'Wind and Flood Insurance Premiums' for Natural Disaster Preparedness

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City is stepping up to support flood and typhoon insurance premiums in preparation for natural disasters during the summer season.

According to the city on the 9th, flood and typhoon insurance is a type of policy insurance that compensates for property damage caused by natural disasters such as typhoons, floods, heavy rain, strong winds, heavy snow, and earthquakes to houses, greenhouses, commercial buildings, and factories (small business owners). Typically, more than 70% of the insurance premium is supported by the government and local governments.

In particular, small business owners who subscribe to flood and typhoon insurance receive benefits such as reduced fees for issuing credit guarantees, increased credit guarantee limits, preferential credit guarantee reviews, preferential policy loan interest rates, and additional points for small business support projects.

Additionally, disaster-vulnerable areas with a high risk of natural disaster damage, such as collapse risk zones and landslide-prone areas, receive a higher support rate (87% of the insurance premium) compared to general areas. Basic livelihood security recipients, low-income groups, and single-parent families residing in disaster-vulnerable areas have their entire personal contribution supported by the government and local governments.

Individual insurance subscriptions are available through seven insurance companies including DB Insurance, Hyundai Marine & Fire Insurance, Samsung Fire & Marine Insurance, KB Insurance, NH Nonghyup Property & Casualty Insurance, Hanwha General Insurance, and Meritz Fire & Marine Insurance. Group insurance subscriptions can be made at the disaster departments of each district office or the administrative welfare centers of the resident’s address.

For more detailed information about flood and typhoon insurance, please visit the National Disaster Safety Portal.

Yang Seung-chan, Director of the Citizen Safety Office, said, “Flood and typhoon insurance does not cover natural disasters that occurred before the contract or those that occur during the insurance contract process,” and added, “We hope many citizens subscribe in advance before natural disasters occur to protect their valuable property from unexpected natural disasters.”