Insurance System to Cover Natural Disasters
The government is likely to introduce a government-backed insurance system to cover the cost of damages incurred from natural calamities including floods and typhoons.It announced its 'general measures for the rainy season in 1999' on March 16, whose main proposals were for the prevention and compensation for damages.
A computerized system will be established next month that will automatically operate an alert system to signal residents in the area through their televisions, radios, and a public address system. Eventually an insurance scheme will also be introduced to compensate property owners who suffer damages from storms and floods.
Jangsoo Seo ; jsbee@joongang.co.kr
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)