Financial authorities, "Accident passenger plane's liability for air insurance is about KRW 1.4 trillion."

Financial authorities said the compensation limit for airline insurance victims of Jeju Air's accident is $1 billion, about KRW 1.472 trillion.

Financial authorities plan to take measures to ensure that five insurance companies, centered on Samsung Fire & Marine Insurance, the secretary of aviation insurance to which the plane is subscribed, provide appropriate and prompt damage compensation to the bereaved families of the dead and the injured.

These five insurance companies have submitted 99% of their airline insurance to overseas reinsurers.

Insurance companies will pay the insurance money to the bereaved family as soon as it is confirmed and medical expenses will be paid quickly to the injured.

In addition, the financial authorities will set up an expedited compensation center at the Life-Non-Life Insurance Association for individual insurance claims such as traveler's insurance.

Insurance subscription details can be found on the Financial Consumer Information Portal Fine (http://fine.fss.or.kr ) of the Financial Supervisory Service and the Life and Non-life Insurance Association (http://cont.insure.or.kr ).

In addition, telephone consultations can be made at the Life Insurance Association (☎02-2262-6600) and the Non-life Insurance Association (☎02-3702-8500).