Kathmandu. South Korea’s top five non-life insurance companies are planning to offer free compensation for small businesses and storm and flood insurance coverage.
According to a report in Chosun Biz, the non-life insurer will initially launch win-win comprehensive insurance and win-win windstorm angry flood insurance for small businesses in North Jeola province in April. Insurance companies are currently working on coverage details and are awaiting review from the Financial Supervisory Service to ensure regulatory compliance.
Small businesses with annual sales of 300 million (US$208,000) or less will be eligible for win-win insurance plans in North Jeola province, based on a list of small businesses provided by local government officials.
Insurance companies are also considering providing a one-time consolation benefit after diagnosis of injuries under the win-win comprehensive insurance plan.
In 2025, the Korean life and non-life insurance industry contributed 15 billion KWON to create a fund pool totaling 30 billion KKR to be used to help small businesses pay premiums. About 90 percent of the win-win insurance program will be funded by this bridge. The rest will be covered by the local government’s budget. –Agency
