News Non-Life06 Aug 2018

South Korea:Heat wave causes millions in livestock losses

06 Aug 2018


Over 3m livestock have been overwhelmed by South Korea's worst heat wave in history, currently searing the country.

According to Nonghyup Property & Casualty Insurance, a total of 3.23 million livestock have already succumbed to the heat nationwide. Financial damages from the deaths are expected to reach KRW17.3bn ($1.54bn), reports Korea Bizwire. The dead livestock includes 3.01m chicken, 176,000 ducks, and 14,000 pigs.

According to an official at Nonghyup, 97% of the reported livestock deaths took place between 11 and 25 July, when temperatures spiked. During this window, 2.18 million livestock perished.

Among subscribers of livestock insurance, 95% are covered under policies offered by Nonghyup Insurance that offer compensation for losses from livestock in the case of natural disasters and accidents, with 50% of the damages paid for by the central government. Local governments typically fork out an additional 20-40% depending on the specific policy.


 

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