Enhancing climate-responsive policies, accident prevention campaigns, and tailored insurance for farmers.

NH Property and Casualty Insurance is expanding insurance and accident prevention support to stabilize farm management while laying the foundation for future growth under its ‘2030 Vision.’ It has improved crop damage coverage in response to unusual weather conditions and provides insurance payouts for income loss due to declining agricultural product prices, thereby supporting farmers’ agricultural activities.

NH Property and Casualty Insurance shared its new vision, ‘A warm heart that considers customers, a reliable promise for tomorrow,’ at a vision declaration ceremony attended by around 100 employees in January this year. It also set management goals to achieve 5.5 trillion Korean won in direct premiums and 150 billion Korean won in net profit by 2030. To this end, the company is promoting the establishment of an AI-based customer center, expanding non-face-to-face services, and improving insurance contract structures.

In agricultural fields, efforts are focused on improving policy insurance tailored to climate change. Starting with four fruit varieties this year, the company is sequentially selling crop disaster insurance for 78 items throughout the year. It has refined individual insurance premium discount/surcharge tiers from 15 to 35 levels and extended the coverage period for frost damage in autumn. These adjustments reflect feedback from agricultural sites to improve premium calculations and coverage details.

The company also supported farmers affected by sharp declines in agricultural product prices. When the harvest price of early-maturing onions dropped approximately 58% below the benchmark price this year, it paid out 15.4 billion Korean won in agricultural income stabilization insurance. For apple cold damage sites, it verified reductions in fruit yield and ensured the results were accurately reflected in insurance payout calculations.

Efforts to mitigate risks before accidents occur are also underway. In May, the company held a farm machinery accident prevention campaign at Jinbu Nonghyup in Pyeongchang-gun, Gangwon Province, offering free machinery inspections and safety supplies. In June, it conducted a heatwave accident prevention campaign for pig farms in Gimje-si, Jeollabuk-do. For 337 high-risk livestock facilities, it performed fire risk inspections and safety consulting to help farms identify and address hazards in advance.

Song Chunsu, CEO of NH Property and Casualty Insurance, said, “We will continue to be a reliable support system for farmers, enabling them to focus on agriculture with peace of mind through product improvements that reflect on-site feedback and multifaceted accident prevention measures.”

Source - https://www.chosun.com