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Jul 2020

South Korea: Auto premiums on the increase since last Oct

Source: Asia Insurance Review | Feb 2016

Insurers have been hiking motor insurance premiums since last October when the government vowed to relax its tight control on tariffs and allow insurers freer reins in pricing.
   Following the October announcement, medium-sized insurance firms, such as The-K, Heungkuk Fire & Marine Insurance and Meritz Fire & Marine Insurance, increased auto rates at the end of last year, reported The Korea Times.
   On 1 January, Hanwha General Insurance raised insurance premium rates for corporate clients by 3.9%. The rate for commercial vehicles, such as taxis, jumped by 6.6%. Another insurer that is raising auto premiums is Hyundai Marine & Fire Insurance.
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