The Ministry of Oceans and Fisheries said on the 9th that it began advancing insurance payouts, starting with fish farms where damage audits have been completed, to help aquaculture operators recover from high water temperature damage.
High water temperature damage often continues until the water cools, so final insurance payouts are determined after the damage period ends and a review is conducted. Accordingly, the Ministry of Oceans and Fisheries (MOF) has been paying 50% of the estimated insurance amount in advance when a detailed damage audit is completed, even before the amount is finalized, to quickly stabilize aquaculture operations.
As of Sept. 8 this year, detailed damage audits have been completed for a total of 39 fish farms—18 in South Jeolla and 21 in South Gyeongsang—triggering the start of the advance payment process. About 900 million won in insurance payouts is expected to be paid in advance.
The Ministry of Oceans and Fisheries (MOF) also plans to encourage local governments to conduct damage audits quickly so that as many fish farms as possible can receive advance insurance payments before Chuseok. If the current trend continues, insurance payouts of 2.3 billion won are expected to be advanced to about 52 fish farms before Chuseok.
The final insurance amount will be determined after the high water temperature damage period ends, following individual loss assessments and verification of policy details. For fish farms that have already received advance payments, the remaining amount will be paid after deducting the advanced sum from the final insurance payout.
Yang Yeong-jin, director-general for fisheries policy at the Ministry of Oceans and Fisheries (MOF), said, "We will listen to voices in the field and review the enrollment and claims process to improve the system so aquaculture disaster insurance can serve as a reliable management safety net for fishers."