Baemin Lowers Hourly Insurance Fee to 933 Won

47.3% Reduction Compared to Introduction
Expected Increase in Enrollment Rate by Easing Economic Burden

Woowa Brothers, the company responsible for the logistics services of Baedal Minjok (CEO Kim Byung-woo), announced on the 12th that it will reduce the hourly insurance premium for the hourly insurance provided in partnership with DB Insurance to 933 KRW (effective from January 2024).

The "hourly insurance" introduced by Woowa Brothers on December 1, 2019, is an insurance service where riders performing Baemin Connect deliveries pay insurance premiums only for the hours they operate. Considering the situation of two-wheeled vehicle riders who had low subscription rates due to the burden of high insurance premiums, the hourly insurance was launched to reduce economic burdens and lower the barriers to insurance enrollment. This is also evaluated to have the effect of expanding the social safety net for riders.

The insurance premium of 933 KRW, which will be applied from next month, is 47.3% lower than when the hourly insurance was first introduced. This reflects Woowa Brothers’ commitment as a win-win partner to prioritize rider safety, as well as the low accident occurrence and loss ratio.

Woowa Brothers has been steadily negotiating with insurance companies to expand the social safety net for riders and increase practical benefits. Since the introduction of hourly insurance, the number of hourly insurance providers has expanded from one to four (DB Insurance, KB Insurance, Hana Insurance, Hyundai Marine & Fire Insurance), and hourly insurance is now offered for all means of transportation including motorcycles, cars, and PM (personal mobility devices). In particular, the PM insurance premium was reduced by 33.3% from 360 KRW at the time of initial introduction to 240 KRW. Additionally, restrictions on the age for hourly insurance subscription and ownership classification of transportation means have been relaxed to allow more riders to receive insurance benefits.

A representative of Woowa Brothers said, "With growing social interest in a safe delivery environment, we view the industry-wide spread of hourly insurance adoption positively. As the first company in the industry to introduce this, we will do our best to further expand the social safety net for riders as a representative protection model for delivery workers."