All Climate Insurance Information in One Place... General Insurance Association to Build Comprehensive Portal

The General Insurance Association of Korea and the Korea Meteorological Industry Technology Institute announced on July 7 that they have signed a business agreement to build a comprehensive climate insurance portal utilizing meteorological and climate data.

Logos of the General Insurance Association

This business agreement was prepared to establish a platform that provides integrated information, as demand for insurance as a means of preparation and for the use of data and statistics has increased due to the recent rise in natural disaster damage caused by abnormal weather events.

This project is part of the "2026 Meteorological and Climate Data Utilization Support Project" promoted by the Korea Meteorological Industry Technology Institute. The institute will be responsible for selecting the organization to execute the portal development and will provide funding for its construction, while the General Insurance Association of Korea will promote the portal’s development by reflecting the needs of the insurance industry.

The portal will serve several functions: it will automatically determine whether compensation conditions for index-type climate insurance are met and support prompt compensation; it will act as a data hub by linking systems (APIs) of the Korea Meteorological Administration, the association, and member companies to improve the efficiency of insurance companies' claims processing and encourage the development of new products; it will allow users to check the conditions and current status of insurance payments for products such as wind and flood insurance; and it will aggregate insurance-specific meteorological statistics. Through these roles, the portal aims to enhance consumer understanding and accessibility to climate insurance and provide practical support for responding to the climate crisis.

A representative from the General Insurance Association of Korea said, "The establishment of this portal will further strengthen the insurance infrastructure to respond to the climate crisis," adding, "The general insurance industry will continue to work toward revitalizing climate insurance by utilizing meteorological and climate data."

This content was produced with the assistance of AI translation services.