KB Insurance is lowering premiums for private passenger cars and personally owned motorcycles.
On the 20th, KB Insurance announced that starting from mid-February next year, premiums for private passenger car insurance will be reduced by 2.6% for policies commencing coverage. Premiums for personally owned motorcycles will be reduced by an average of 10.3% for policies commencing coverage from mid-January next year. In particular, premiums for household motorcycles will be lowered by 13.6%, and for personal delivery motorcycles (non-commercial transport) by 12.0%.
The final timing and rate of premium reductions will be confirmed after an internal product review committee. Details may vary depending on the rate verification process conducted by the Korea Insurance Development Institute.
A KB Insurance official stated, "Although the automobile insurance market environment remains challenging due to cost increases from higher maintenance fees and a rise in accident occurrences, we aimed to ease the burden on customers with this premium reduction." He added, "KB Insurance will continue to do its best to ensure that premiums are set at a reasonable level linked to loss ratios."
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