Extension of insurance subscription period for items vulnerable to high temperatures in South Korea

As the sea temperature is expected to be about 1℃ higher than normal this year, the Ministry of Oceans and Fisheries is encouraging the expansion of aquaculture insurance subscriptions to respond to damage to farmed fish and also inspecting the compensation system. First, the Ministry of Oceans and Fisheries decided to extend the subscription deadline by one week for five products that are particularly vulnerable to high temperatures: flounder, rockfish, abalone, bandits, and sea squirts. The Ministry of Oceans and Fisheries currently operates aquaculture disaster insurance for 28 aquaculture items and facilities in accordance with the Agriculture and Fisheries Disaster Insurance Act. 50% of the insurance premiums that subscribers to form disaster insurance must pay are supported by government funds, and additional support is provided depending on the budget circumstances of each local government. However, as the sea temperature this year is expected to be higher than usual, the ...