 |
Photo = Yonhap news |
[Alpha Biz= Paul Lee] More than 5,000 insurance claims have been filed in the wake of massive wildfires that recently swept through Uiseong County in North Gyeongsang Province (Gyeongbuk) and Sancheong County in South Gyeongsang Province (Gyeongnam), according to data from South Korea’s financial authorities.
On Sunday, documents submitted by the Financial Supervisory Service and the Korea Insurance Associations to Rep. Lee Jung-mun of the National Assembly’s Political Affairs Committee revealed that, as of April 4, a total of 4,895 claims had been submitted to non-life insurance companies, with one claim submitted to a life insurance company. So far, only 31 claims have resulted in payouts, as most of the damages have yet to be fully assessed.
While damage assessments typically take one to three months, insurers are aiming to complete payouts within a month due to the urgency of the situation.
The majority of claims—3,138 cases—were related to crop damage, followed by 1,135 claims involving property damage from fires. Additional claims included 238 related to vehicles, 343 for general property damage, 24 for livestock losses, 14 for personal injury, and 4 for death benefits.
The highest number of payouts so far have been for automobile claims, which are relatively easier to assess. Sixteen car insurance claims have been paid, totaling approximately KRW 59.36 million (USD 44,000). Other payouts include 11 injury claims (KRW 2.86 million), three death claims (KRW 120 million), one livestock claim (KRW 4.68 million), and one property damage claim (KRW 1.51 million).
Crop damage claims, particularly those related to apple orchards in Gyeongbuk Province, are expected to take longer to process. Since the full extent of damage can only be determined after the fruit-thinning process in July, insurance payments for these cases will likely begin later this summer.
As damage investigations are still ongoing, the number of claims and total insurance payouts is expected to rise in the coming weeks.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
