Onion Prices Plunge... NH Nonghyup Insurance to Pay 15.4 Billion Won in Agricultural Income Stabilization Insurance Claims

NH Nonghyup Property & Casualty Insurance announced on the 19th that it will pay insurance claims to onion farmers who have enrolled in the Agricultural Income Stabilization Insurance, following the recent sharp drop in onion prices.

NH NongHyup Insurance recently announced that it will begin paying insurance claims starting from the 19th to onion farmers enrolled in the Agricultural Income Stabilization Insurance in response to the recent sharp drop in onion prices. NH NongHyup Insurance

This measure was implemented to support the management stability of onion farmers, as the harvest price of early-maturing onions this year has plummeted by about 58% compared to the reference price. The total amount of insurance claims to be paid is 15.4 billion won, and 950 farming households are eligible.

The Agricultural Income Stabilization Insurance, which serves as the basis for these insurance payments, is a product designed to compensate farmers for income shortfalls when agricultural product prices fall or yields decrease and income drops below a certain level. It covers 20 types of crops, including onions and potatoes. The government subsidizes 50% of the insurance premiums, with additional support available from local governments.

Song Chunsu, CEO of NH Nonghyup Insurance, stated, "We will complete the insurance claim process as swiftly as possible to provide practical management stability to onion farmers facing difficulties due to falling prices," adding, "We will continue to take the lead in creating an environment in which farmers can focus on production with peace of mind through the Agricultural Income Stabilization Insurance."

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