Emergency Towing and Compensation Camps Established... Authorities and Insurance Industry Jointly Prepare for Typhoon

Rapid Support for Damage After On-Site Patrol

[Image source=Yonhap News]

The financial authorities are preparing various countermeasures with the non-life insurance industry to minimize vehicle and human damage caused by Typhoon 'Khanun'. They plan to operate a comprehensive response team, conduct emergency towing for flooded vehicles, and set up on-site compensation camps to support victims.

On the 9th, the Financial Services Commission and the Financial Supervisory Service held an 'Emergency Meeting to Prepare for Typhoon Khanun' at the General Insurance Association in Jongno-gu, Seoul, where they discussed these measures.

First, the financial authorities and the non-life insurance industry decided to operate a comprehensive response team to systematically respond to the typhoon's progress. They will patrol areas expected to be flooded and notify policyholders of the need to evacuate their vehicles via text messages, and in situations where flooding is anticipated, they plan to minimize vehicle damage through emergency towing (with the vehicle owner's consent). They will also check the status of vehicle flood damage and compensation, and if necessary, quickly establish on-site compensation camps to provide prompt support.

Damage to vehicles caused by falling objects or flooding can be compensated up to the vehicle's value (market price) at the time of the accident if the policyholder has purchased the 'Own Vehicle Damage' coverage under their automobile insurance. However, compensation may be limited if it is clear that the flooding resulted from the policyholder's fault, such as leaving windows or sunroofs open or entering restricted areas. Items stored inside the vehicle are not covered.

A financial authority official explained, "Since automobiles are an important means of transportation and livelihood for the public, we plan to proceed with prompt compensation processing to minimize inconvenience caused by flooding."

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