A statement from Jeju Air has revealed that Samsung Fire & Marine Insurance was the lead aviation insurer, while AXA XL served as the primary reinsurance provider for the plane that recently crash-landed at Muan International Airport in South Korea, killing all passengers and most of the crew.
Flight 2216 had been returning from Bangkok, Thailand with six crew and 175 passengers.
As per Jeju Air, during landing at Muan Airport, the Boeing 737-800 aircraft deviated from the runway’s end, hit the airport’s outer wall, and caught fire.
Of the 181 people on board, 179 were killed, with an investigation into the cause reportedly underway.
According to reports, financial authorities plan to take measures to ensure that the five insurers involved, led by South Korean Samsung Fire & Marine Insurance, provide adequate and prompt compensation to the families of the dead and injured.
The crashed aircraft was insured for aviation insurance worth $1.03651 billion, with a compensation limit of $1 billion and a compensation limit of $36.51 million for damage to the aircraft itself.
The five insurers involved are said to write 99% of aviation insurance through overseas reinsurers.
Regarding individual insurance claims, such as travel insurance, the financial authorities will reportedly set up an expedited compensation centre at the Life and Health Insurance Association to check whether customers are insured and apply for and pay claims.
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