Seoul Korean

Seoul has vowed to move some of the city's poorest families out of underground and semi-subterranean homes after 13 people were killed in flooding caused by ...

"It's up to the weather, where this bag of water will pour." The safety concerns regarding banjihas were thrust to the fore when severe flooding in 2010 and 2011 left dozens dead. After banjihas have been cleared, they will be converted for non-residential use, it added. The homes have since come to represent rampant inequality in one of the world's wealthiest cities. Photos show the president squatting on the street, peering through the ground-level window into the still-flooded basement apartment. But their low price is a major draw as Seoul becomes more unaffordable -- especially for young people who face stagnating wages, rising rents and a saturated job market.

While Seoul experienced torrential downpours, rainfall levels are down in China's Yangtse River basin.

Throughout next week the basin is likely to see very little or any rain at all, with intense heat dominating and the drought worsening. At least nine people are confirmed to have died from the floods and many more are reported injured or missing. We can expect to see continued extreme flooding scenarios into the future as average temperatures across the Korean peninsula have increased by about 1.7C since 1912.

Losses from record rain-induced floods in Korea should be manageable for Korean property and casualty insurers, with reinsurers like Korean Reinsurance.

We will continue to closely monitor the claims development, particularly for the commercial and auto lines.” Korean Re’s excess of loss retrocession arrangement provides a cap on the ultimate losses. Yet, property/damage claims could further climb with floods hitting parts of the city centre.