The Korea Credit Guarantee Fund has introduced a tailored insurance program to support businesses facing operational difficulties due to unexpected domestic and international crises, such as the Middle East conflict and natural disasters.
On June 1, the fund announced the launch of its "Crisis Response Special Insurance," which offers differentiated premium discounts and compensation rates based on the level of crisis.
This special insurance categorizes crises into two levels: "emergency level" for global and industrial crises, and "general level" for disasters and population decline crises, adjusting the support accordingly.
For businesses classified under the emergency level due to global and industrial crises, the program significantly enhances benefits, providing a compensation rate of up to 90% and discounts of up to 30% on calculated premiums. For those in the general level affected by disasters and population decline, the program offers a fixed premium product with a compensation rate of up to 90% and a 0.2 percentage point reduction in premium rates.
A representative from the fund stated, "We hope this special insurance will provide substantial assistance to businesses in crisis. Moving forward, we will closely monitor economic crises and continue to expand effective support for business stability."
* This article has been translated by AI.
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