Incheon Disaster-Vulnerable Groups, Zero Out-of-Pocket for Wind and Earthquake Disaster Insurance

Support for flood, wind, and earthquake disaster insurance premiums for vulnerable groups in the Incheon area will be expanded.

On the 4th, Incheon City announced that, with the help of the General Insurance Association and the Hope Bridge National Disaster Relief Association, it will fully cover the self-pay insurance premiums for vulnerable groups in the region. Eligible recipients include homeowners and tenants living in disaster-prone areas, traditional market merchants, and small business owners on basement and first floors with high flood and wind risk.

Flood, wind, and earthquake disaster insurance is a policy insurance that covers property damage caused by natural disasters such as typhoons, floods, and earthquakes, with the government subsidizing 70-92% of the premiums. With this additional support, vulnerable groups will be able to reduce their actual financial burden.

In particular, this project is being recognized as an exemplary administrative measure that proactively responds to the increasing disaster risks caused by climate change. However, due to limited project budgets, support may be provided on a first-come, first-served basis.

Yoon Baek-jin, head of the Incheon City Citizen Safety Headquarters, said, "As disaster damage caused by the climate crisis is severe, it is more important than ever to prepare in advance by subscribing to insurance." He added, "We plan to promote this project so that many citizens can subscribe to flood, wind, and earthquake disaster insurance."

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