Busan latest to turn to ‘climate insurance’ as extreme weather worsens

More South Korean municipalities are introducing so-called “climate insurance,” a new kind of social safety net designed to compensate residents for some of the health and financial costs of extreme weather. Busan said Sunday that it plans to amend a municipal ordinance to lay the legal groundwork for providing adminis

With major weather events becoming ubiquitous in recent years, insurance premiums have been going up for cars, homes, and even festivals.