South Korea advances insurance payments for aquaculture heat damage

South Korea’s Ministry of Oceans and Fisheries has begun the advance payment of insurance claims to aquaculture farmers affected by high water temperatures. Approximately 900 million won is expected to be distributed to 39 farms in Jeollanam-do and Gyeongsangnam-do following the completion of detailed damage investigations.

To support rapid management recovery, the ministry is paying 50% of estimated insurance amounts before final totals are confirmed, as high water temperature damage often persists until temperatures drop. The government aims to expand these advance payments to approximately 52 farms, totaling 2.3 billion won, before the Chuseok holiday.

Final insurance amounts will be determined after the damage period ends and individual loss assessments are completed. The ministry is also implementing policy improvements, such as exempting insurance premium hikes during force majeure natural disasters and seeking additional support to reduce the premium burden on farmers. Currently, the impact on consumer prices for major species like flatfish and rockfish remains minimal, with damage levels at approximately 0.4%.