Car Insurers Face Huge Claims After Gangnam Floods

  • By You So-yeon

    August 11, 2022 09:46

    A street in Seoul's Gangnam area is strewn with abandoned cars on Monday.
    Insurance firms are facing claims estimated at nearly W100 billion for damaged cars as a result of the record flooding in Seoul's affluent Gangnam area this week (US$1=W1,310).
    A total of 7,678 claims estimated at W97.76 billion for water-damaged vehicles were already filed with a dozen major insurance companies from Monday to Wednesday.
    Fully one-third or 2,554 were imported cars that took up 55 percent of the total value of the claims (W54.21 billion). Most of the cars were flooded but some were damaged by falling objects.
    The claims incurred in just three days compare to a record 21,194 cars and damage worth W116 billion from monsoon rains and typhoons in the entire three summer months of 2020.
    This summer's estimated value of per-car claims broke the previous record, amounting to about W12.73 million, compared to some W5.45 million in 2020.
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