Climate Insurance, a Key Player in the Development of Agriculture and Fruit Culture

The Eighth Congress of the Workers’ Party of Korea and the Second Plenary Meeting of the Eighth Party Central Committee importantly emphasized to set the agricultural front as a main attack direction of the socialist economic construction and solve the people’s food substantially during the Five-Year Plan.

A series of floods and typhoons that hit consecutively last year made a negative impact on the agricultural production, and there is no guarantee that this year our country will not be affected again by such adverse natural climatic conditions as the previous year.

In this regard, Korea National Insurance Corporation has introduced the climate insurance on an experimental basis in several regions to cover a loss of or damage to grain crops like rice, maize, and fruits causing from heavy rains, typhoons and other catastrophic weather conditions, and is planning to expand the climate insurance throughout the country at an early date.

Upholding the noble will of our Party to secure the agricultural increase even in unfavorable climatic and weather conditions, boost the zeal of agricultural workers for production and strengthen the state assistance to the rural economy, the climate insurance will make an active contribution to the normalized production of the agricultural management units and the stabilization of people’s livelihood.