"ASAP"... Financial Authorities to Expedite Insurance Payouts for Fire at Incheon Hyundai Market
Establishment of a One-Stop Support System
The financial authorities have decided to pay insurance claims related to the Incheon Hyundai Market fire as quickly as possible.
On the 7th, the Financial Services Commission and the Financial Supervisory Service, along with other financial authorities, announced that they have established various response systems and will take prompt measures regarding the Incheon Hyundai Market fire incident.
First, to ensure rapid insurance claim payments, the General Insurance Association has set up a Rapid Compensation Support Center. This center will quickly verify whether victims have insurance coverage and provide a one-stop support service for insurance claim applications and payments.
Additionally, to address financial-related difficulties, the Financial Supervisory Service’s Incheon branch has opened a consultation center to provide advice on loan execution and extensions for recovery efforts, insurance premium payment deferrals, and will prioritize handling related complaints. Specifically, NH Nonghyup Bank plans to offer financial support such as new loan execution and interest payment deferrals for victims in the fire-affected area.
A financial authority official stated, "Going forward, the financial authorities will work closely with the financial industry to ensure thorough support for victims’ recovery efforts."
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Earlier, on the night of the 4th, an arson fire broke out at Hyundai Market in Songnim-dong, Dong-gu, Incheon. The Incheon city government reported that 47 out of 205 market stalls were destroyed by the fire. Although there were no casualties, the property damage suffered by market merchants is expected to be significant.
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