Accident Passenger Plane Insured for 1.5 Trillion Won in Aviation Insurance
Quick Compensation Center Established at Life and Non-Life Insurance Associations
On the 29th, financial authorities announced that they will prioritize the review and payment of insurance claims for victims related to the Jeju Air aircraft accident that occurred at Muan International Airport. According to the Financial Services Commission and the Financial Supervisory Service, the passenger aircraft involved in the accident is insured with a total aviation insurance coverage of USD 1,036,510,000 (approximately KRW 1.5257 trillion).
On the same day, at Muan International Airport in Jeollanam-do, an aircraft carrying 181 passengers collided with the airport's outer wall after landing. According to the police and the National Fire Agency on the 29th, Jeju Air flight 7C 2216 from Bangkok, Thailand, crashed while attempting a belly landing on the runway at Muan Airport.
The lead insurer of the aviation insurance for the accident aircraft, Samsung Fire & Marine Insurance, along with four other insurers, ceded 99% of the aviation insurance to overseas reinsurers. The liability coverage limit is USD 1 billion (approximately KRW 1.472 trillion), and the coverage limit for damage to the aircraft itself is USD 36.51 million (approximately KRW 53.7 billion).
A financial authority official stated, "To ensure thorough protection for the victims, we have promptly identified the insurance status and established a support system," adding, "Centered on the lead insurer Samsung Fire & Marine Insurance and four other companies, insurance payments will be made immediately upon confirmation to the families of the deceased, and medical expenses will be promptly paid to the injured, ensuring appropriate and swift compensation for damages."
To facilitate rapid compensation, a dedicated service desk will also be established. Regarding claims for individual insurance such as travel insurance, a Rapid Compensation Center will be set up at the Life and Non-Life Insurance Associations to verify insurance enrollment and handle insurance claim applications and payments for affected customers.
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