Hwaseong Aricell factory fire, 20 billion won in insurance compensation

(Seoul = Yonhap News Agency) Reporter Sae-rom Chae = A lithium battery manufacturer Aricell factory in Hwaseong, Gyeonggi Province, where a fire killed about 30 people, was found to have insurance worth about 20 billion won.

According to an insurance industry insider on the 25th, the Hwaseong Aricell factory purchased 21.5 billion won of comprehensive property insurance through KB Property Insurance and 4.9 billion won of comprehensive property insurance through DB Property Insurance. Therefore, most of the compensation for the fire will be provided by KB Insurance, while DB Insurance may share the compensation for mechanical damage. However, since personal injury compensation liability is paid when damage is caused to the body of a third party, damage to company employees is not compensated. Depending on the employment relationship of the injured, the injured are eligible for compensation from KB Insurance or Industrial Accident Compensation Insurance (Industrial Accident). A KB Insurance official said, "Once the fire department completes the preliminary investigation and files an insurance claim, we will begin the damage assessment work and will be able to determine the exact amount of compensation."