The crop accident insurance subscription rate is only 31.8%, excluding rice in South Korea

Published 2021년 9월 28일

Tridge summary

The article highlights the substantial growth of South Korea's crop accident insurance subscription rates over the past decade, reaching 45.2% in 2020 before dropping to 31.8% when excluding rice. This growth is largely attributed to the increased coverage of rice, a major cultivated crop, which accounts for nearly 60% of the total insured area. Despite this progress, the subscription rates for several crops remain below 20%, indicating a disparity in insurance coverage. Lawmaker Won-taek Lee emphasizes the need for enhanced government support for sustainable farming amid the climate crisis and natural disasters, underscoring the importance of improving crop insurance coverage to better protect farmers from losses.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The crop accident insurance subscription rate exceeded 40% for the first time last year and recorded 45.2%, but excluding rice items, it remained at 31.8%. Rep. Won-taek Lee (Minju Eo, Gimje, Buan) made this statement after analyzing the data submitted by the Ministry of Agriculture, Food and Rural Affairs. According to lawmaker Lee, the crop disaster insurance, introduced in 2001 to promote income and management stability of farmers and to support stable reproductive activities by relieving farmhouse management anxiety caused by natural disasters, started with apples and pears in 2001, followed by wheat, rice, and ginseng. , cabbage, potato, tangerine, garlic, sweet potato, red bean, corn, and bokbunja, etc. are now supporting insurance for 67 crops. Analysis of growth over the past 10 years shows that the subscription rate of 30 items in 2011 increased from 15% to 45.2% in 67 items last year. However, the subscription rate of 28 items, including jujube (19.2%), onion (16.7%), ...

Source: Aflnews