Wednesday, September 25th, 2013
The 100 percent of the damages has been repaired by the government at its own expense as no infrastructure has been covered by insurance. Infrastructure insurance, at about 0.1 to 0.15 percent of annual premium on the estimated asset value, can compensate for property damages and injuries to third persons.
Cho Jae-rin, research fellow with the Korea Insurance Research Institute, said, "There are many instances of delay in repair works as the government has to get additional budget for damages. I recommend the government try taking out insurance on larger public facilities on an experimental basis." The total number of public infrastructure assets including roads, bridges, tunnels, railways, ports, and airports is 30,551.
