Jeonnam Province Supports 194.6 Billion KRW for Agricultural Policy Insurance Premiums This Year... Record High

Crop Disaster, Farmer Safety, and Agricultural Machinery Comprehensive Insurance Trio

Increased by 52.4 Billion Won Compared to Last Year... Up to 100% of Insurance Premiums

Jeonnam Province will support 194.6 billion KRW (subsidy 172.3 billion KRW, self-payment 22.3 billion KRW) for agricultural policy insurance premiums this year. This is an increase of 52.4 billion KRW compared to last year, marking the largest scale ever.

This is to protect the lives and property of farmers from natural disasters becoming commonplace due to global warming, as well as various accidents and diseases frequently occurring during farm work.

The target insurances are crop disaster insurance, farmer safety insurance, and comprehensive agricultural machinery insurance, three types in total. The premium support rate per product ranges from 80% up to 100%.

Crop disaster insurance covers 73 items including rice, supporting 149,000 hectares. The project budget is about 166 billion KRW, and 90% of the premium is supported. Insurance payouts are made when crops are damaged by typhoons, heavy rains, and other disasters.

Farmer safety insurance is a product that pays actual expenses and death consolation money in case of injury or death accidents during farm work. This year, it targets 131,000 people with a budget of 15.3 billion KRW.

The total premium for the basic type, General Type 1, is about 98,000 KRW, and enrolled farmers only need to pay 20%, which is 20,000 KRW.

Comprehensive agricultural machinery insurance has a project budget of 13.3 billion KRW and supports 80% of the premium. The eligible agricultural machinery includes 12 types such as tillers and tractors, and a 3% discount (up to 30,000 KRW) is applied upon completion of farm work accident prevention education.

The eligible agricultural machinery includes tillers, tractors, combines, SS sprayers, riding cultivators, riding rice transplanters, aerial spraying machines (including drones), wide-area sprayers, balers, agricultural excavators, agricultural power carriers, and agricultural loaders.

For low-income farmers such as basic livelihood security recipients and near-poverty groups, 100% of the premium is supported for both farmer safety insurance and comprehensive agricultural machinery insurance. For detailed information about the insurance, please contact the nearest agricultural or livestock cooperative.

Jung Gwang-hyun, Director of the Agriculture, Livestock and Food Bureau of Jeonnam Province, said, “We will expand support for multiple insurance enrollments to protect farmers’ lives and property from accidents, diseases, and various disasters occurring during farm work,” and added, “Please make sure to enroll in insurance this year as well to prepare for unexpected accidents and disasters.”