No More Worries About Heatwaves and Typhoons... Ulsan City to Subsidize Up to 95% of Insurance Premiums for Farmers

Broad Coverage for Natural Disasters and Price Declines

As the prolonged heatwave and drought raise concerns about crop damage, the Ulsan metropolitan government has launched support measures for policy insurance targeted at farmers. The city is strengthening its safety net not only to cover natural disasters but also income losses due to falling agricultural prices, thereby supporting the management stability of farms confronting climate change.

On August 6, Ulsan City announced that it would actively promote insurance subscriptions for farmers by subsidizing premiums for crop disaster insurance and farm income stabilization insurance through December.

Crop disaster insurance is a key agricultural policy insurance product that covers crop losses resulting from various natural disasters such as droughts, typhoons, hail, heavy rainfall, and freezing, as well as pests and diseases. The insurance compensates for losses due to yield reductions in crops such as pears, apples, rice, and horticultural crops, helping to ease the unexpected burden on farmers from disasters.

Ulsan City is also providing farm income stabilization insurance to ensure income stability for farmers. This insurance not only covers reduced yields caused by natural disasters but also compensates for income losses due to declining agricultural product prices. Farmers may choose between crop disaster insurance and farm income stabilization insurance depending on the characteristics of the crops they cultivate.

The eligible crops vary by period. In August, fall cabbage, radishes, cabbages, and potatoes are covered; in October, garlic and onions; and in November, Ulsan (Ulju) pears, sweet persimmons, peaches, and barley are included.

The program is available to farmers and agricultural corporations registered as agricultural management entities. With 90-95 percent of premiums subsidized, the actual cost borne by farmers is as low as 5-10 percent. Farmers wishing to enroll can apply through their local agricultural cooperatives.

Amid increasingly frequent abnormal weather events such as heatwaves, heavy rainfall, and typhoons, along with greater volatility in agricultural prices due to climate change, these policy insurance programs are receiving attention as core risk management tools for farmers. Ulsan City expects that expanding insurance enrollment will not only help post-disaster recovery but also contribute to maintaining a stable farming foundation.

An official from Ulsan City commented, "Amid rising uncertainties in climate and markets, we are actively encouraging farmers to enroll in crop disaster insurance and farm income stabilization insurance to support stable farming operations," adding, "We will continue to offer ongoing assistance to prevent and minimize damage from extreme heat and various other natural hazards."

Ulsan City Hall.

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