Seoul floods: heavy cost for non-life insurers
According to Fitch Ratings, the severe floods that occurred on 8 and 9 August 2022 in Seoul could result in more than 150 billion KRW (114.47 million USD) of insured losses.
Most claims relate to the motor class of business which represents 21% of the total turnover of the South Korean non-life market in 2021.
As at 11 August 2022, twelve motor insurers have received more than 9 100 claims for a total estimated amount of 127 billion KRW (96.92 million USD).
Read also | Inondations meurtrières à Séoul
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Wed, 17/08/2022 - 13:48
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