On the 29th, financial authorities stated that they would establish a support system to quickly ascertain the status of insurance subscriptions so that insurance payments could be made swiftly concerning the aircraft accident that occurred at Moonsan Airport in Jeollanam-do.
According to the Financial Services Commission, the aircraft involved in the accident (flight number 7C2216) is covered by $1.03651 billion in aviation insurance. The maximum limit for collateral for liability is $1 billion (approximately 1.472 trillion won), and the compensation limit for damage to the aircraft itself is $36.51 million.
Financial authorities have decided to take measures to ensure that appropriate and swift compensation for damages is provided to the victims' families and the injured, centered on five insurance companies including Samsung Fire & Marine Insurance, the aviation insurance coordinator. The Financial Services Commission noted, "Insurance payments will be made immediately upon confirmation for the families of the deceased, and medical expenses will be paid promptly to the injured."
Regarding individual insurance claims through travel insurance that victims have individually subscribed to, a rapid compensation center will be set up in collaboration with the Life and Non-Life Insurance Association, prioritizing the examination and payment of insurance for affected customers.