Last Year, Agricultural Disaster Insurance Payments Totaled 1.1749 Trillion Won... Highest in 5 Years

The Ministry of Agriculture, Food and Rural Affairs announced on the 21st that it paid a total of 1.1749 trillion KRW in insurance claims to 208,000 farms that suffered damage from natural disasters such as cold damage, heavy rain, and typhoons through crop and livestock disaster insurance last year.

In 2023, a total of 585,000 farms subscribed to agricultural disaster insurance. The subscription rates based on area and headcount were 52.1% for crop disaster insurance and 94.4% for livestock disaster insurance, with crop disaster insurance achieving the highest subscription rate ever. The national and local governments support part of the insurance premiums to reduce the financial burden on farms and encourage subscription to agricultural disaster insurance.

Last year, due to disasters such as spring cold damage, summer heavy rain, and typhoons, damage occurred to crops and livestock, and a total of 1.1749 trillion KRW in insurance claims was paid to 208,000 affected farms. This is the largest amount of insurance claims paid annually over the recent five years (2019?2023). The number of farms receiving payments also increased by about 15,000 compared to the five-year average of 188,000 farms.

Song Nam-geun, Director of Agricultural Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "We are continuously expanding and improving agricultural disaster insurance in preparation for increased natural disaster risks due to abnormal climate conditions," adding, "It is important for farms to actively subscribe to agricultural disaster insurance to effectively respond to disaster damage."