On 8 and 9 August 2022, torrential rains fell on the South Korean capital causing historic flooding.
At least seven people have died and seven other reported missing. This is the heaviest rainfall recorded in South Korea in 80 years.
Government officials have been called upon to evacuate residents from high-risk areas.
According to the General Insurance Association of Korea (KNIA), insurance companies have received, as of 10 August 2022, approximately 7 678 motor claims for a total cost of 97.76 billion KRW (74.9 million USD).
The four main insurers, alone, Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, KB Insurance, DB Insurance, received 6 525 claims for a total amount of 88.45 billion KRW (67.77 million USD).
Insurance industry professionals expect a significant increase in the number of claims.
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