Aviation Insurance Authorities to Provide Swift Compensation for Jeju Air Disaster Victims

Meil Business Newspaper 

Seoul – The financial authorities have set the compensation limit for victims of the Jeju Air passenger plane crash at Muan International Airport at $1 billion (approximately 1.472 trillion won). This compensation is part of a comprehensive effort to provide timely assistance to the families of the deceased and the injured.

The plane involved in the accident is insured for aviation coverage worth $1.036 billion (around 1.525 trillion won), with a compensation cap of $1 billion. Additionally, $36.51 million has been allocated for damage to the aircraft itself. In light of this, five insurance companies, led by Samsung Fire & Marine Insurance, are responsible for facilitating compensation claims and ensuring swift payouts.

These companies, which have transferred 99% of their airline insurance to foreign reinsurers, are expected to promptly provide financial support. Bereaved families will receive immediate insurance payouts, while medical expenses for the injured will also be expedited.

To streamline the process, the financial authorities will set up an expedited compensation center in collaboration with the Life and Non-life Insurance Association. This will help affected individuals verify their insurance status and submit claims for coverage, including individual policies like travel insurance.

Individuals can access the Financial Consumer Information Portal, ‘Fine’, or the ‘Find My Insurance’ service, both of which provide information on available insurance. Telephone counseling services are also available through the Life Insurance and Non-life Insurance Associations.