This picture reveals vehicles submerged in a flooded street close to Seoul’s Daechi subway station on Aug. 8, 2022. (Yonhap)
SEOUL, Aug. 11 (Korea Bizwire) — The torrential rain that drenched the higher Seoul space resulted in hundreds of vehicles being submerged, placing basic insurance coverage firms on alert.
A record-breaking downpour that swept by way of Seoul, Gyeonggi Province and Incheon final Monday resulted in 12 basic insurance coverage firms receiving 9,189 stories of submerged vehicles as of midday Thursday with the price of damages reaching nearly 127.3 billion received (US$97.7 million).
Amongst all submerged vehicles, 3,033 have been luxurious, high-end autos.
With quite a few stories of pricey, foreign-made autos incoming, their estimated price of injury (74.5 billion received) accounts for greater than half of all injury prices.
4 main basic insurance coverage firms together with Samsung Hearth & Marine Insurance coverage, DB Insurance coverage, Hyundai Marine & Hearth Insurance coverage and KB Insurance coverage acquired 6,526 stories of submerged vehicles as of midday Wednesday with the estimated price of injury reaching 88.5 billion received.
“The stories got here principally from the Gangnam space, with a excessive focus of luxurious autos. Automobile insurance coverage firms are panicking,” an official at a basic insurance coverage firm stated.
“A submerged car is dealt as a complete loss, which hurts the insurance coverage firms, particularly if the vehicles are costly.”
Kevin Lee ([email protected])
