Natural disasters: natural catastrophe claims on the rise in South Korea

South Korean insurance companies have paid out 1 250 billion KRW (992 million USD) for damage caused by natural disasters that occurred in 2022: typhoons, floods, snowfalls, etc. This figure represents more than triple the 394.7 billion KRW (313 million USD) paid out in 2017.

Given the ever-increasing risk of natural disasters, industry professionals are calling on the government to support insurers in providing coverage for people most vulnerable to climate change.