Typhoon Hinnamnor Causes Flood Damage to 6,700 Vehicles, Estimated Loss of 54.6 Billion KRW

On the morning of the 7th, Marine Corps soldiers are carrying out restoration work in the underground parking lot of an apartment in Pohang, Gyeongbuk, which was flooded due to the impact of Typhoon Hinnamnor, the 11th typhoon.
[Photo by Yonhap News]

[Asia Economy Reporter Changhwan Lee] Due to the impact of Typhoon Hinnamnor, more than 6,700 vehicles nationwide suffered damages amounting to approximately 54.6 billion KRW as of the afternoon of the 7th.

According to the insurance industry on the 8th, a total of 6,762 cases (estimated) of vehicle flooding damage caused by Hinnamnor were reported to 12 domestic non-life insurance companies by 3 PM the previous day. The estimated damage amount reached 54.632 billion KRW.

Among the four major companies?Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, and KB Insurance?the reported vehicle flooding damages totaled 5,748 cases, with an estimated damage amount of 46.437 billion KRW.

The damages mainly occurred in Pohang, Gyeongju, Ulsan, and Jeju, areas severely affected by the typhoon. Since damage reports are still being received, the scale of the damage is expected to increase further.

The scale of vehicle flooding damage caused by typhoons and heavy rains this year is the largest ever recorded. During the concentrated heavy rain centered on Gangnam, Seoul last month, 11,685 flooded vehicles were reported to insurance companies, with an estimated damage amount of 163.7 billion KRW.

Including the damage from this Hinnamnor typhoon, the estimated damage amount has exceeded 200 billion KRW. This far surpasses the damage amount of 115.7 billion KRW caused by typhoons Bavi, Maysak, and Haishen in 2020.

President Yoon Suk-yeol declared Pohang and Gyeongju in North Gyeongsang Province, which suffered severe damage from Typhoon 'Hinnamnor,' as special disaster zones the day before. Local governments declared as special disaster zones can have a portion (approximately 50?80%) of the restoration costs for private and public facility damages converted to national funds, thereby reducing their financial burden.

This content was produced with the assistance of AI translation services.