"Sign up for agricultural income stabilization insurance for garlic, onions, and barley"
Published 2025년 10월 12일
Tridge summary
(Seoul=Yonhap News) Reporter Kim Yoon-gu = The Ministry of Agriculture, Food and Rural Affairs announced on the 12th that starting this month, garlic, onions, and barley can also be insured under the Agricultural Income Stabilization Insurance.
Insurance for garlic will start on the 13th, while insurance for onions and barley will begin on the 20th.
The Agricultural Income Stabilization Insurance compensates for damages caused by natural disasters, fires, and diseases, in addition to compensating for economic losses of farmers due to market price declines, which were previously covered by agricultural crop disaster insurance.
When the income of farmers for a specific item (insurance enrollment year) decreases below a certain level compared to the past average income, it compensates the entire reduction amount.
This year, 15 items are covered by the Agricultural Income Stabilization Insurance. Nine items, including soybeans, garlic, onions, and barley, are covered nationwide, while six items, such as rice, spring potatoes, and autumn napa cabbage, are pilot-operated in some major production areas. The Ministry of Agriculture, Food and Rural Affairs supports 50% of the insured's premium.
Like agricultural crop disaster insurance, the Agricultural Income Stabilization Insurance is sold by regional agricultural cooperatives. Farmers and agricultural corporations that have completed business registration can enroll if they cultivate insured items.
Yun Won-seop, Agricultural Policy Director of the Ministry of Agriculture, Food and Rural Affairs, said, "Since it compensates for income reductions due to market price declines, the Agricultural Income Stabilization Insurance can be an effective tool for stabilizing farm management for crops with high price volatility, such as garlic and onions."
ykim@yna.co.kr
Insurance for garlic will start on the 13th, while insurance for onions and barley will begin on the 20th.
The Agricultural Income Stabilization Insurance compensates for damages caused by natural disasters, fires, and diseases, in addition to compensating for economic losses of farmers due to market price declines, which were previously covered by agricultural crop disaster insurance.
When the income of farmers for a specific item (insurance enrollment year) decreases below a certain level compared to the past average income, it compensates the entire reduction amount.
This year, 15 items are covered by the Agricultural Income Stabilization Insurance. Nine items, including soybeans, garlic, onions, and barley, are covered nationwide, while six items, such as rice, spring potatoes, and autumn napa cabbage, are pilot-operated in some major production areas. The Ministry of Agriculture, Food and Rural Affairs supports 50% of the insured's premium.
Like agricultural crop disaster insurance, the Agricultural Income Stabilization Insurance is sold by regional agricultural cooperatives. Farmers and agricultural corporations that have completed business registration can enroll if they cultivate insured items.
Yun Won-seop, Agricultural Policy Director of the Ministry of Agriculture, Food and Rural Affairs, said, "Since it compensates for income reductions due to market price declines, the Agricultural Income Stabilization Insurance can be an effective tool for stabilizing farm management for crops with high price volatility, such as garlic and onions."
ykim@yna.co.kr
Original content
(Seoul=Yonhap News) Reporter Kim Yoon-gu = The Ministry of Agriculture, Food and Rural Affairs announced on the 12th that starting this month, garlic, onions, and barley can also be insured under the Agricultural Income Stabilization Insurance. Insurance for garlic will begin on the 13th, while insurance for onions and barley will start on the 20th. The Agricultural Income Stabilization Insurance compensates for damages from natural disasters, fires, and diseases, as well as economic losses for farmers due to market price declines, in addition to the coverage of the existing Agricultural Crop Disaster Insurance. When a farmer's income for a specific item (insurance enrollment year) decreases below a certain level compared to the past average income, the full amount of the decrease is compensated. This year, 15 items are covered by the Agricultural Income Stabilization Insurance. Nine items, including soybeans, garlic, onions, and barley, are covered nationwide, while six items, ...
Source: Yna
Would you like more in-depth insights?
Gain access to detailed market analysis tailored to your business needs.
Related market data
What to read next
Read more relevant content
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.