South Korea provides early insurance payments to fish farmers
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The South Korean Ministry of Oceans and Fisheries began making advance insurance payments to fish farms affected by high water temperatures.
The ministry is prioritizing farms in South Jeolla Province and South Gyeongsang Province where detailed damage assessments are complete. These 39 farms will receive approximately 900 million Korean won in initial payments. The ministry typically waits until the end of the high-temperature period to investigate damage and finalize insurance payouts.
However, to help fish farmers quickly recover financially, the ministry now provides an advance of 50% of the estimated insurance amount after damage assessments are finished. Officials expect to distribute a total of 2.3 billion Korean won to around 52 farms before the Chuseok holiday. The final insurance amounts will be determined after a complete assessment of losses and verification of insurance coverage.
The ministry also plans to waive surcharges on insurance premiums when disasters occur due to unavoidable causes and will increase support to lower insurance costs for fish farmers affected by high water temperatures.
