March 11, 2024, South Korea: Crop disaster insurance items need to be expanded and accessibility to agricultural funds improved

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Published Mar 11, 2024

Tridge summary

The Nonghyup Economic Research Institute has highlighted the need to expand crop disaster insurance items and business areas, and improve access to agricultural funds due to rising farm household debt. The number of items eligible for crop disaster insurance has risen from 70 to 73, including open field watermelon, aralia, blueberry, spring cabbage, and fall radish. The business area is also growing, with the target area for nine items, such as wheat, barley, red bean, highland cabbage, potato, radish, green onion, spinach, and schisandra chinensis, being expanded nationwide.

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Original content

The Nonghyup Economic Research Institute selected ‘expansion of crop disaster insurance items and business areas’ and ‘increasing farm household debt, need to improve access to agricultural funds’ as policy issues this week. This year, the number of items subject to crop disaster insurance increases from 70 to 73. Four types and varieties eligible for insurance have also been added. Starting this year, ▲open field watermelon, ▲open field aralia, and ▲open field blueberry are included in the scope of crop disaster insurance coverage. Among cabbage and radish types, spring cabbage and fall radish were included in the insurance coverage. Mini, Bok, Apple watermelons and red peppers are ...

Source: Nongmin