Public works soon to be covered against catastrophes

The Korean government is studying the possibility of rendering some insurances compulsory. Are concerned by this coverage public works such as bridges, tunnels, railways, hospitals, concert halls etc. Fire and explosion will be insured while war and earthquakes risks are not part of insurance obligations.

This study has been commissioned following the occurrence of a series of accidents that revealed the vulnerability of the current system which is unable to provide proper compensation for victims. To date, only the underwriting of a third party liability policy for large public risks is mandatory.

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