Only half of drivers are insured against flooding

Yesterday’s record rainfall and flooding took no prisoners, including many drivers in Seoul who had to battle rising waters, with submerged cars on waterlogged streets and highways dotting the cityscape.

Local car insurance companies said they were still assessing damages and claims as the record rainfall only began on Tuesday afternoon. But only about half of the country’s drivers may be insured against flood damage to their cars because of low public interest in policies that cover weather or natural disasters.

According to the Korea Non-life Insurance Association (KNIA), the trade group for general insurers, drivers can receive compensation for water damage caused by floods or typhoons if they have subscribed to the “own-car damage coverage” clause in their car insurance policies.

“As of the end of April, only 55.9 percent of the nation’s drivers had signed up for this coverage,” said Ghi Seung-do of Korea Insurance Research Institute. “This number certainly needs to go up.”

The clause, which is not legally mandatory and costs extra, not only insures the policyholder against repair costs from collisions with other cars but covers losses sustained from water damage, fire, lightning, falling debris and natural disasters.

“Insurable cases include cars parked in legal parking spots that have been submerged or damage to the car while passing by a flooded area,” KNIA said in a statement. “Belongings inside the car or damage due to opened windows or sunroofs are not compensated.”

Additional evidence points to lingering disinterest in protection against the risks of weather extremes. In early June, the nation’s largest general insurer Samsung Fire & Marine introduced a weather insurance policy that covers revenue losses for industries susceptible to weather, but “hardly any were sold” since then.

“Much of the public seem oblivious to the need for protection against weather,” said Lee Sang-hyuk, spokesperson for Samsung Fire & Marine.

By Lee Jung-yoon [joyce@joongang.co.kr]

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