The end of July, Seoul, South Korea, torrential rain in which several people died and a large number of vehicles were flooded, including a lot of one. At present, South Korea?s insurance company compensate pays great pressure. The storm which leads to serious loss may make for car insurance premium is hard to decline in the second half of the year.
According to the Korea Times (Korea) gets quoted south Korea financial supervision and administration (FSS), the message said, a result of heavy rain damaged car amounted to the highest level in recent years. Official data shows, July 11362, South Korea on vehicles loss case, is the highest monthly loss amount in more than in September last year, caused by the typhoon says claim.
The storm also led to the insurance company to guarantee slip holder claims is a record. According to data show that South Korea FSS 13 home the life insurance company the compensation amount will reach to 80.13 billion won ($074 million), more than the last September 35.67 billion won the forehead pays 2 times. At the same time, the heavy rains cause 13 companies through the average by June, up from 73.3% in July, 77.6%. For car insurance company, if depending on the network, the channel sales through more than 76%, or rely on the network, the channel sales through more than 72%, the losses will happen. South Korean car insurance industry through last year was 80.3%, and the loss of about 1 trillion won.
Due to the increase in July claim, worked in before the FSS second half of this year for car insurance plan may reduce premium will be scrapped. A FSS officials said, ?first half of the year, through stable in, we have been working to take measures to reduce car insurance rates, but the rains will lead to the plan has been postponed until the end of the year.?
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