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Major industrial fire in Korea set to hurt market while insurers avoid big costs

June 22, 2021


Korea’s fire insurance industry could be left reeling from a $360 million dent in profitability after a logistics centre yesterday was engulfed in flames, according to reports from The Korea Times.

Interestingly however, the same report describes how all four of the insurers involved look set to avoid paying any considerable sums

Seoul-based non-life insurers DB Insurance, KB Insurance, Lotte Non-Life Insurance and Heungkuk Fire & Marine Insurance signed the joint property insurance worth $353.16 million for the warehouse.

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