The financial authorities and the financial sector are discussing financial support measures for the victims of the Jeju Air passenger plane disaster at Muan Airport. All financial companies, including banks, credit cards, insurance, and savings banks, are expected to participate in providing emergency funding, extending loan maturities, and delaying repayments.
According to the financial sector on 2nd, the Financial Services Commission and the Financial Supervisory Service are reviewing financial support measures to assist the victims of the Jeju Air passenger plane disaster and their families.
Possible financial support measures include emergency living stabilization loans, extending loan maturities, and postponing principal and interest repayments. It is also expected that there will be options to delay credit card payment claims and debt collections for a certain period, as well as deferring insurance premium payments and principal and interest repayments on insurance loans.
The financial sector provided financial support for victims of social disasters during the Sewol ferry disaster in 2014 and the Itaewon tragedy in 2022. A financial sector official noted, "The financial sector has established separate financial support measures from government and local government support when social or natural disasters occur," and added, "Detailed financial support measures led by the financial authorities are expected to be announced soon."
The financial authorities requested that the insurance sector activate on-site consultation desks for prompt insurance payouts on the 30th of last month. Accordingly, the Korea Life Insurance Association and the General Insurance Association have established a prompt compensation center at Muan Airport and sent personnel to assist with insurance inquiries and claims procedures.
The financial authorities are also reported to be discussing support measures for small business owners and self-employed individuals in Muan, which has been designated as a special disaster area. A Financial Services Commission official said, "We are carefully monitoring the local economic situation," and added, "There are no specific details established yet."