South Korea

Responses

Adaptation Disaster Risk Management

Sectors

Agriculture Industry

Instruments

Direct Investment

Provision of climate funds

Economic

Insurance

Governance

Processes, plans and strategies

Keywords

Adaptation Institutions / Administrative Arrangements Disaster Risk Management

Agricultural and Fishery Disaster Insurance Act

Legislative

Law

Passed in 2009

This act regulates the insurance industry's coverage of agricultural and fishery disasters, including by defining agricultural and fishery insurance, outlining the scope of allowable coverage, defining who is a legal insurance provider, and regulating procedures throughout the insurance process, such as assessing damage and appraising worth. It allows the government to subsidize insurance premiums in this area and creates a re-insurance fund for firms providing disaster insurance to the agricultural and fishery sectors.

Documents

Full text (PDF)