Hope Bridge and UNIQLO to cover disaster insurance premiums for semi-basement residents and small businesses

[Financial News] Out-of-pocket premiums for storm and flood damage and earthquake insurance will be subsidized to help residents of semi-basement homes and small businesses prepare for natural disasters.
On the 27th, Hope Bridge Korea Disaster Relief Association announced that it will run the “2026 Storm and Flood Damage and Earthquake Insurance Enrollment Support Program” with UNIQLO through August next year. It will allocate a total of 230 million won to cover enrollees’ out-of-pocket premiums in full.
Storm and Flood Damage and Earthquake Insurance is a policy insurance program that compensates for damage caused by nine types of natural disasters, including typhoons, heavy rain, heavy snow and earthquakes. The national and local governments subsidize the premiums. According to the Ministry of the Interior and Safety, as of the end of May this year, enrollment rates stood at 34.9% for homes and 4.6% for small-business shops and factories.
The housing program covers owners and tenants of semi-basement homes at high risk of flooding in 22 local governments. It will be offered through group insurance, with UNIQLO donations covering the full 86 million won in premiums payable by residents.
In Seoul, 16 districts are participating: Gangdong, Gangbuk, Gangseo, Gwanak, Gwangjin, Guro, Geumcheon, Dongjak, Mapo, Seodaemun, Seongdong, Seongbuk, Yangcheon, Yongsan, Jongno and Jungnang. Eligible areas also include Goyang City and Seongnam City in Gyeonggi Province; Yeonsu-gu in Incheon; Wonju in Gangwon Province; Changwon in South Gyeongsang Province; and Sasang-gu in Busan. Applications can be submitted at the administrative welfare center with jurisdiction over the applicant’s area.
The small-business program is open nationwide, with no regional restrictions, to traditional market merchants and businesses located in basements or on the first floor. Hope Bridge will participate as the group policyholder and cover premiums totaling 144 million won.
Coverage limits are 30 million won for facilities and fixtures and 20 million won for inventory. The annual coverage limit is twice the per-incident limit. Applications can be made through Samsung Fire & Marine Insurance, PGMIC, DB Insurance Co., Ltd. and KB Insurance.
Support will be provided within the budgets allocated to each local government and insurer, and applications may close early if the funds run out.
“Damage is concentrated in semi-basement homes and low-rise commercial properties whenever torrential rains hit, but insurance enrollment remains low,” said Shin Hoon, secretary-general of Hope Bridge. “Together with UNIQLO, we will carry out prevention-focused disaster relief for people vulnerable to disasters.”

[email protected] Jang In-seo Reporter