Jeju Air to receive up to $1 bn in insurance co... > 경제기사 | economics

Following the Jeju Air crash at Muan International Airport, South Jeolla Province, that caused significant casualties, South Korea’s financial authorities announced plans to expedite the insurance payout process.

The budget carrier is expected to receive compensation exceeding 1.5 trillion won $1.04 billion through its insurance coverage.


The Financial Services Commission announced on Sunday that the aircraft involved in the accident was insured for a total of $1.03 billion.

This includes a liability coverage limit of $1 billion and compensation for aircraft damage capped at $36.51 million.

Responsibility for the liability compensation will be shared among five insurance companies.

Samsung Fire amp; Marine Insurance, the lead underwriter, will shoulder 55 percent of the payout. KB Insurance, DB Insurance, Meritz Fire amp; Marine Insurance, and Hana Insurance will cover 26 percent, 13 percent, 3 percent, and 3 percent, respectively.

The consortium of insurers jointly underwrote the policy for the Jeju Air aircraft.

To further streamline the claims process for travel insurance and other policies, financial regulators plan to establish a rapid compensation center in collaboration with the Korea Life Insurance Association and the General Insurance Association of Korea.

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