Nh Nonghyup Property & Casualty Insurance Begins Sales Of 2026 Crop Disaster Insurance

NH Nonghyup Property & Casualty Insurance announced on the 5th that it has begun sales of 2026 crop disaster insurance.

The first items to be sold are four types of fruit trees: apples, pears, sweet persimmons, and astringent persimmons. The four fruit-tree products under the crop disaster insurance provide coverage for fruit damage caused by natural disasters, wildlife damage (damage caused by birds and animals), and fire before fruit thinning. After fruit thinning, they provide coverage for fruit damage caused by seven specified perils: typhoons (strong winds), hail, torrential rain, autumn frost damage, sunburn damage, fire, and earthquakes.

In particular, this year’s product eased the insurance premium burden on farms by subdividing the discount and surcharge brackets based on individual loss ratios from the previous 15 levels to 35 levels. In addition, the coverage period for autumn frost damage was extended from November 15 to November 20, actively reflecting the opinions of fruit farmers.

To reduce the insurance premium burden on farms, policyholders are not required to enroll in all coverages as a package; instead, they can choose and enroll only in the coverage they need. For this purpose, the company operates riders such as the pre-thinning limited coverage rider for five specified risks, the post-thinning sunburn damage exclusion rider, and the post-thinning autumn frost damage exclusion rider.

Fifty percent of the premiums are subsidized by the central government, and approximately 35% are supported by local governments. The enrollment period runs until March 6. Eligible policyholders are farms with orchards of at least 300 square meters.

Starting with the sale of these four fruit-tree products, crop disaster insurance will be sold sequentially throughout the year for a total of 78 items according to the season.

Song Choonsoo, CEO of NH Nonghyup Property & Casualty Insurance, said, “As abnormal weather has become a part of everyday life, crop disaster insurance is an essential safety net for stabilizing farm management,” adding, “We will continue to be a reliable partner for farmers by improving our products based on feedback from the agricultural field.”

This content was produced with the assistance of AI translation services.