Insurance plays critical role in managing risks, preventing devastating financial loss after natural disasters (123rf)Continued torrential rains have wreaked havoc across parts of South Korea, shedding light on the importance of insurance coverage, which could help secure personal and business assets, as well as minimize significant financial loss.As of 6 a.m. Tuesday, a total of 1,486 cases of property damage were reported to authorities, including 912 public facilities and 574 private properties, according to the Central Disaster and Safety Countermeasure Headquarters,Storm and flood coverage from private insurance companies operating under the jurisdiction of the Ministry of the Interior and Safety will compensate properties affected by natural disasters after a weather warning or advisory is issued.

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