'Reverse Driving Accident' Insurance Payout Expected to Reach 10 Billion KRW...Most of It is Lost Earnings** **'Reverse Driving Accident' Insurance Payout Expected to Reach 10 Billion KRW...Most of It is Lost Earnings** **'Reverse Driving Accident' Insurance Payout Expected to Reach 10 Billion KRW...Most of It is Lost Earnings


The driver responsible for the reverse driving accident at City Hall Station has comprehensive insurance that offers unlimited coverage for bodily injury to others.


With nine fatalities, the insurance payout is expected to reach billions of KRW, primarily due to 'lost earnings' in addition to compensation for pain and suffering and funeral expenses.


Lost earnings refer to the amount the deceased would have earned in the future had they not died. It is calculated by multiplying the deceased's average monthly income by the number of months they could have worked.


While it varies case by case, typically, if a 30-year-old employee earning 4 million KRW per month dies in an accident, their lost earnings are calculated based on a retirement age of 65. This amounts to 640 million KRW in lost earnings, along with 100 million KRW in compensation for pain and suffering and approximately 5 million KRW in funeral expenses.


Given that the deceased in this accident were in their 30s to 50s and included high-income earners such as bank employees and city hall officials, the total insurance payout could reach up to 10 billion KRW.


▶ Interview: Jae-Yong Jeon / Senior Researcher at the Insurance Research Institute

- "When calculating lost earnings or lost wages, it is usually based on the victim's previous income. There are quite a few people in high positions at banks, so..."


DB Insurance, the insurer involved, stated, "The perpetrator has refused to meet with the insurance company staff, but the insurance payments to the victims and their families will proceed regardless."


However, given the emotional distress of the victims and their families, it may take some time before the payments are made.


Since the driver claims unintended acceleration, the insurance company will first pay the insurance money. If unintended acceleration is later recognized, they will claim compensation from the manufacturer.

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