Flooded cars in Gangnam, southern Seoul, cause traffic jams during rush hour Tuesday morning. (Yonhap)
Twelve automobile damage insurance companies in the country received more than 2,700 claims for flooded cars overnight, according to the General Insurance Association of Korea, as of 10 a.m. Tuesday.
The estimated damage amounts to 38.3 billion won ($29.32 million) but is expected to increase as torrential rain is forecast to continue for another day.
“As the rainfall was concentrated in the Gangnam area which is where there is a high concentration of expensive cars, insurance companies are to face a remarkably large amount of compensation claims,” said an official from a general insurance company.
Last year, Gangnam had the highest number of registered imported cars — 88,753 units, according to the Korea Automobile Importers & Distributors Association. The figure accounts for 37 percent of all registered cars in Gangnam.
Samsung Fire & Marine Insurance alone received around 1,100 claims for flooded cars by 10 a.m. Tuesday, among which around 420 units were imported cars.
The damage coverage of around 420 imported cars and 680 domestic cars could cost up to 20 billion won, Samsung said.
DB Insurance expects damages to amount to more than 2.5 billion won, after it received reports of 248 flooded cars — among which 85 units were imported cars.
“Most of the flooded car damages were reported in Seoul, Gyeonggi Province, and Incheon. Only two cases were reported from elsewhere like Ulsan and North Gyeongsang Province,” an official from DB Insurance said.
By Hong Yoo (firstname.lastname@example.org)