Korean Re held on October 28 an underwriting seminar on earthquake risk in property insurance.
This event was organized to raise awareness of the need for earthquake risk management amid growing public concern on earthquake risk in Korea in the wake of an unprecedentedly strong earthquake in Geongju, a historic city in the south eastern region of the Korean Peninsula in September 2016.
Around 130 participants, mostly policyholders and those from the insurance industry, attended the seminar where presentations were given by experts from Korean Re, the Korea Seismological Institute and the Korea Insurance Research Institute.
The presentations addressed earthquake mechanism, earthquake occurrences on the Korean Peninsula and accumulated risk related to earthquakes. An official from Korean Re delivered a presentation on the overview of earthquake insurance coverage in Korea, stressing the importance of clear terms and conditions of earthquake insurance and the role of business interruption insurance in covering seismic risk.
Korean Re expects discussions in the seminar to contribute to the development of the earthquake insurance market in Korea, helping to protect local communities and businesses from earthquake risk.
Korean Reinsurance Company published this content on 11 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 January 2017 04:53:02 UTC.
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