The Seoul Metropolitan Government will introduce an accident insurance scheme that will cover its registered residents, paying out up to KRW10 million (US$8,300) to victims of various accidents.
According to a report by Korea Bizwire, the programme, dubbed as Citizen’s Safety Insurance, will launch in 2020. The government is currently in the process of hammering out a contract with an insurance provider, after which, Seoul-registered residents, including foreigners, will be eligible to receive benefits in case of an accident or natural disaster.
The insurance will provide compensation for deaths due to natural disasters, accidents involving explosions, fire, and building collapse, accidents involving public transportation, traffic accidents in school zones, as well as several other causes of death or injury.
The Seoul government is aiming to finalise an insurance company to work with before this year ends, and for the scheme to become active by the following year, the report said.
