No Separate Enrollment or Premiums Required
Insurance Premiums Subsidized for 18 Cities and Counties
Gyeongsangnam-do will introduce the “Resident Safety Insurance” program starting next year to support the recovery of daily life for residents who experience unexpected disasters or accidents.
The Resident Safety Insurance expands the coverage items and increases the compensation limits of the existing “City and County Resident Safety Insurance” currently operated in 18 cities and counties within the province. The provincial government will subsidize the insurance premiums for all cities and counties.
With the enactment of the Gyeongsangnam-do Resident Safety Insurance Support Ordinance in September last year, registered foreign nationals who were previously excluded in some cities and counties will also be eligible for support.
As a result, any resident registered in Gyeongsangnam-do will automatically receive benefits without any separate enrollment process or insurance premium burden.
However, those under the age of 15 are restricted from enrolling in death insurance in accordance with Article 732 of the Commercial Act.
Gyeongsangnam-do has selected five recommended coverage items for city and county enrollment to ensure residents receive at least minimal compensation in the face of increasing property risks.
These items include: ▲ Death due to natural disasters ▲ Death due to social disasters ▲ Death from fire, collapse, or explosion ▲ Aftereffects from fire, collapse, or explosion ▲ Drowning.
The compensation limits have also been raised: for death due to natural disasters, social disasters, and fire/collapse/explosion, the limit is set at a minimum of 20 million won each; for aftereffects from fire/collapse/explosion and for drowning, the limit is set at 10 million won each.
If a city or county enrolls in all five recommended coverage items and meets the compensation limits, they may autonomously add additional coverage-such as compensation for injuries from violent crimes or sexual violence, and death or aftereffects from gas accidents-or further increase compensation limits, taking into account their own financial circumstances.
The Resident Safety Insurance allows for duplicate compensation regardless of any individual accident insurance held, and coverage is provided nationwide regardless of where the accident occurs.
If an accident or disaster occurs, claims should be filed with the insurer contracted by the city or county of residence within three years from the date of the incident, based on the resident registration address.
The province has allocated 650 million won for Resident Safety Insurance premiums in the 2026 budget proposal, and plans to proceed in earnest once the budget is approved by the provincial council.
Additionally, considering that insurance renewal periods differ by city and county, the province will ensure that cities and counties renewing their insurance at the beginning of the year can proceed without delays.
Cheon Seongbong, Director of the Resident Safety Headquarters, stated, “We will continue to improve the Resident Safety Insurance to build a robust social safety net,” adding, “Given the increasing number of heat- and cold-related illnesses, we will also discuss and review with cities, counties, and insurers the possibility of expanding related coverage items next year.”
For more details regarding the insurers, coverage items, and compensation amounts for each city and county, residents can contact the city or county website or the safety management department, or check the Disaster Insurance 24 website.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
