South Korea: Sunken ferry insured locally

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South Korea's Financial Services Commission and Financial Supervisory Service has said Sewol ferry that capsized Apr. 16 2014, was insured by Korea Shipping Association and Meritz Fire & Marine Insurance Co. for up to 3.6 billion South Korean won ($3.4 million) and KRW 7.8 billion ($7.5 million), respectively, Bloomberg reported.

Nine passengers have been reported dead and 287 are still missing from the South Korean ferry, which was carrying hundreds of students. The two insurers are reinsured by Korean Reinsurance Co. and Samsung Fire & Marine Insurance Co.

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