News

“Sign up for rice crop disaster insurance”

Rice
Sustainability & Environmental Impact
Innovation & Technology
Published Apr 17, 2024

Tridge summary

The Ministry of Agriculture, Food and Rural Affairs has initiated the sale of rice crop disaster insurance, available from the 22nd of this month until June 21st, with an additional deadline for powdered rice on July 5. This insurance, which can be purchased through local Nonghyup or NH Nonghyup Property & Casualty Insurance, is designed to protect farmers against damages caused by natural disasters, offering government subsidies for the premium ranging from 35-60%. Last year, 61% of rice farmers participated, with 67,000 beneficiaries receiving payouts. The policy has been expanded to cover pest damage and issues related to drought preventing planting. Furthermore, the scope of crop disaster insurance has been broadened to include 73 items, now featuring watermelon, blueberries, and aralia among the newly added crops.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Ministry of Agriculture, Food and Rural Affairs announced on the 15th that rice crop disaster insurance will be sold from the 22nd of this month to June 21st. For powdered rice, which is planted later than regular rice, the insurance subscription deadline is July 5. You can sign up through your local Nonghyup or NH Nonghyup Property & Casualty Insurance. If you sign up for rice crop disaster insurance, you can receive insurance money for damage caused by natural disasters such as typhoons, droughts, and torrential rains. The government is supporting 35-60% of the insurance premium from the national treasury to encourage insurance subscription as a safety net for farm management. Each local government provides additional subsidies for insurance premiums depending on financial conditions, so the out-of-pocket ratio for farmers is around 10-20%. Last year, about 280,000 farmers, or 61% of all rice farmers, signed up for rice crop disaster insurance, and among them, 67,000 farmers ...
Source: Nongmin
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