Total compensation for the Jeju Air accident amounted to more than 1 billion USD

On December 29th, a Jeju Air Boeing 737-800 experienced a severe accident during its landing at Muan International Airport. The plane skidded across the runway and eventually crashed into a concrete wall on the edge of the airport. A fire broke out, leading to the tragic loss of 179 out of 181 passengers and crew on board. This disaster marks Jeju Air’s first fatal accident since its establishment in 2005.

As the third-largest

South Korean financial authorities have estimated that the total compensation for the accident at Muan International Airport will amount to approximately 1.525 trillion won (around 1.03 billion USD). Of this amount, 1.472 trillion won (1 billion USD) will be allocated for

The liability compensation will be covered by five insurance companies: Samsung Fire & Marine Insurance, KB Insurance, DB Insurance, Meritz Fire & Marine Insurance, and Hana Insurance. However, the exact contribution from each insurer has not yet been determined.