News Non-Life20 Apr 2018

South Korea:Motor business slows in 2017

20 Apr 2018

Growth in South Korea's auto insurance market slowed last year due to intensifying competition and lower premiums, , according to the data by the Financial Supervisory Service.

The car insurance market grew by 2.7% to KRW16.8 trillion (US$15.7 billion) in 2017, compared to 2016, reports Yonhap news agency. The figure contrasts with growth of 11.3% in 2016 and 8.8% in 2015.

Non-life insurers' loss rate for their auto insurance businesses fell by 2.1 percentage points to 80.9% last year, the data showed.

Meanwhile, more drivers are turning to online marketing channels for insurance, which offer lower premiums and are more convenient.

According to the Korea Insurance Development Institute, 20.5% of the nation's 15.4 million car insurance policyholders filed their applications through cyber marketing channels, such as smartphones and computers, at the end of last June.

The percentage was up from 15.5% a year earlier. Of the online subscribers, 69.4% purchased insurance via computers, with the remainder applying through smartphones.

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