The General Insurance Association of Korea is teaming up with the Korea Meteorological Institute to build a "comprehensive climate insurance portal" that uses weather and climate data. The plan is to link data from the Korea Meteorological Administration with insurance information to support swift payouts for index-based insurance and to aid insurers in developing new products.
The General Insurance Association of Korea said Friday that it signed a memorandum of understanding (MOU) with the Korea Meteorological Institute to build the "comprehensive climate insurance portal using weather and climate data" at the association's main conference room in Jongno-gu, Seoul.
The project is part of the Korea Meteorological Institute's "2026 Weather and Climate Data Utilization Support Project." The institute will select the operator to build the portal and support the construction costs, while the General Insurance Association of Korea will drive the portal's development by reflecting the insurance industry's usage needs.
The two organizations plan to build an integrated platform combining the Korea Meteorological Administration's weather and climate data with non-life insurance information, aiming to improve consumers' access to climate insurance and strengthen response capabilities against the climate crisis.
The portal will feature a function that automatically assesses whether the payout conditions for index-based climate insurance have been met, supporting insurance payments. It will serve as a data hub by linking the systems of the Korea Meteorological Administration, the General Insurance Association of Korea and insurers via API, and will also support insurers in improving the efficiency of their claims operations and developing new climate insurance products.
In addition, the portal plans to provide a function that allows users to check the payout conditions and payment status of climate insurance products such as storm and flood insurance, as well as to compile and provide weather statistics that can be used for insurance product development.
"We expect that building the comprehensive climate insurance portal will further strengthen the insurance infrastructure responding to the climate crisis," an official from the General Insurance Association of Korea said. "We will continue to actively use weather and climate data to work toward invigorating climate insurance."
