The Boeing 777 owned by Asiana Airlines that crashed in San Francisco is under aviation insurance worth a total of USD 2.38 billion.
The insurance is jointly covered by nine local insurers including LIG Insurance. The local insurers cover only 0.55% of insurance coverage, and the remaining is reinsured by Korean Re (3.45%) and foreign reinsurers (96%).
Given that local insurers including Korean Re only cover a 2.5% of the insurance coverage, estimated costs of the airline accident amount to around KRW 5 billion.
|
Insurers |
Share of underwriting (%) |
Share of insurance coverage(%) |
|
LIG (main insurer) |
34.0 |
0.04 |
|
Samsung |
14.0 |
0.3 |
|
Hyundai |
11.0 |
0.1 |
|
Dongbu |
11.0 |
0.01 |
|
Lotte |
11.0 |
0.03 |
|
Meritz |
7.0 |
0.03 |
|
Hanhwa |
7.0 |
0.02 |
|
Heugngkuk |
3.0 |
0.01 |
|
NH |
2.0 |
0.01 |
|
Korean Re
(reinsurer) |
- |
2.0 |
|
Total |
100.0 |
2.55 |
The FSC will closely work with the General Insurance Association of Korea and local insurers to ensure prompt payouts of compensations for victims’ families and injured passengers.
* Please read the attached file for details.