Meritz Fire & Marine Insurance announced on the 16th that it has started selling livestock disaster insurance products since last month and signed a business agreement with the Korea Agriculture Policy Insurance & Finance Service to promote the activation of livestock disaster insurance.
Through this agreement, Meritz Fire & Marine Insurance and the Korea Agriculture Policy Insurance & Finance Service will jointly promote ▲ sales and promotion of livestock disaster insurance ▲ management and maintenance of information on insurance policyholders and insured parties ▲ identification and implementation of improvements related to livestock disaster insurance ▲ activation of the livestock disaster insurance business.
Livestock disaster insurance is a system that compensates for livestock deaths and livestock facility damages caused by natural disasters, fires, diseases, etc., supporting the management stability of livestock farms. The government subsidizes 50% of the insurance premium, and some local governments also provide premium subsidies, significantly reducing the burden on farmers. Eligible livestock include cattle, pigs, chickens, horses, and honeybees, allowing livestock farmers to prepare for losses caused by unexpected damages such as natural disasters or diseases through livestock disaster insurance.
Recently, the frequency and severity of damages caused by natural disasters such as climate change have been increasing, making the need for a management safety net for livestock farmers even greater.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
