Jeju Air’s insurance policy, covering the crash of its commercial jet in South Korea on Dec. 29, provides up to $1 bn in per-event coverage. Samsung Fire & Marine Insurance leads the coverage, along with four other insurers, while Axa XL handles reinsurance.
The liability insurance covers up to $1 bn per accident under a policy running from May 1, 2024, to April 30, 2025, according to the airline’s statement. Jeju Air confirmed that British reinsurance representatives have arrived to address insurance-related procedures.
The flight, en route from Bangkok to Muan International Airport, made a fuselage landing upon arrival. The plane veered off the runway, struck the airport’s outer wall, and caught fire. Of the 181 people onboard—175 passengers and six crew—179 lost their lives, with two crew members surviving.
Efforts to contact Samsung Fire & Marine and Axa XL for comment were unsuccessful.
Jeju Air referenced a separate aviation loss at Tokyo International Airport. The Jan. 2 collision between a Japan Airlines plane and another aircraft led to an insured loss of approximately ¥15 bn ($104 mn). That incident was also covered by aviation insurance.

On December 29, 2024, a Jeju Air passenger plane crashed during landing at Muan International Airport in South Korea. The aircraft, a 15-year-old Boeing 737-800, was returning from Bangkok and crashed at 9:03 a.m.
The crash resulted in 179 fatalities out of the 181 people on board, making it one of the deadliest aviation disasters in South Korea’s history. The two survivors, both crew members, were conscious and their lives were not in danger.
The aircraft skidded off the runway, collided with a concrete barrier, and caught fire. Preliminary assessments suggest that a bird strike may have damaged the plane’s hydraulic systems, leading to a failure in the landing gear deployment.
South Korean authorities have initiated a comprehensive investigation into the crash, involving international experts, including representatives from Boeing. The black boxes, which ceased recording four minutes before the crash, have been sent to the United States for analysis.
In response to the tragedy, the South Korean government has ordered emergency safety inspections across all airline operations and on all Boeing 737-800 aircraft.
Additionally, the Transport Minister, Park Sang-woo, has announced his resignation in the wake of the incident.
The investigation is ongoing, with authorities examining various factors, including the role of the concrete barrier in exacerbating the crash’s severity. Further updates will be provided as more information becomes available.