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).