Car insurers face growing losses after heavy rains
More than 3,000 vehicles were reported to have been damaged by flooding over a five-day period due to heavy downpours that swept across the country last week, resulting in losses estimated at nearly 30 billion won ($22 million), according to industry officials Tuesday. They said the number is expected to rise further, as the scale of vehicle flood damage is higher than expected, making it inevitable for non-life insurers to face an additional increase in their vehicle insurance loss ratios. Data from the General Insurance Association of Korea shows that a total of 3,131 flood-damaged vehicles had been reported to 12 non-life insurance companies offering motor vehicle coverage between July 16 and 9 a.m. on July 21, following the heavy rainfall. The estimated losses amounted to about 29.6 billion won. "The scale of the damage is significant due to the many days of intense, prolonged rain. Since claims are still being filed, the figures are likely to rise," an official from the insurance industry said. What makes the situation more concerning is that the typhoon season has not even begun, s
