Police control access to the scene of a stabbing rampage at a department store adjacent to Seohyeon Station in Seongnam, just south of Seoul, on Aug. 3, 2023. (Yonhap)
SEOUL, Aug. 10 (Korea Bizwire) – Amid a series of shocking fatal stabbing rampages in urban areas, the public’s alarm has surged, leading to a rapid increase in inquiries about insurance products that encompass coverage for such harrowing crimes.
According to industry insiders, major non-life insurance companies across the nation have noted a 20-30 percent upsurge in customer queries regarding insurance products offering coverage for incidents of ‘random assault.’
For instances of random stabbing attacks, similar to those that transpired near the Sillim and Seohyeon subway stations, inclusive insurance products comprise personal accident insurance, indemnity insurance, and citizen safety insurance.
Personal accident insurance as well as indemnity insurance extend compensation that encompasses death benefits, benefits for post-traumatic stress disorder, hospitalization, and nursing.
Nevertheless, indemnity insurance does not furnish compensation if the perpetrator happens to be the beneficiary or policyholder of the insurance product.
Citizen safety insurance, on the other hand, takes the form of a group insurance product that municipal governments voluntarily enroll in.
Its purpose is to bolster the stable livelihood and rehabilitation of citizens who fall victim to damage from disasters or accidents.
Ashley Song (ashley@koreabizwire.com)
