Jeongeup City in Jeollabuk-do supports farmers' contributions to agricultural safety insurance to create a stable farming environment for farmers.
According to the city on the 7th, safety insurance compensates for medical expenses when farmers suffer injuries, illnesses, or receive disability diagnoses during farming activities. The insurance products range from General Type 1 to Industrial Accident Type, which offers coverage comparable to industrial accident insurance, depending on the coverage level.
Jeongeup City supports farmers' contributions to agricultural safety insurance to create a stable farming environment for farmers. [Photo by Jeongeup City]
Safety insurance is available to registered farming business operators engaged in farming aged 15 to 87 (some products up to 84) and can be purchased at any nearby regional agricultural cooperative.
The subscription period is one year from the date of enrollment and must be renewed annually.
Starting this year, insurance premiums have been reduced by 1.6% to 7.6% per product, reflecting the decreased loss ratio due to fewer insurance claims last year.
The city supports 80% of the premium (50% national funds, 9% provincial funds, 21% city funds), so farmers only pay 20% of the subscription fee, meaning general farmers can enroll by paying just 10,000 to 30,000 KRW.
Lee Yong-gwan, Director of the Agricultural Technology Center, said, “With the premium reduction this year, we expect the burden on farmers to decrease. We hope more farmers can minimize damages caused by safety accidents and achieve stable livelihoods through safety insurance.”
Meanwhile, the number of safety insurance subscribers in Jeongeup City has been increasing annually, from 7,498 in 2022 to 7,787 in 2023. Last year, insurance payouts amounted to 1.4 billion KRW for 2,460 cases.
Jeongeup = Kim Jae-gil, Honam Reporting Headquarters, Asia Economy baekok@asiae.co.kr
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